Synopses & Reviews
Review
"This plain-English guide will show you how to make the most of your tax-deductions". Business Week
Synopsis
The essential small business tax strategy book for the savvy entrepreneurNamed "Best Tax Book" by Entrepreneur magazine Understanding the tax system is vital to the health of every small business. Virtually every decision a business makes has tax consequences that can affect its bottom line -- and the IRS is always watching. Develop the best tax plan for your small business, learn the ins and outs of the tax code, and create comprehensive strategies to get back the most from the IRS with this all-in-one guide.
Tax Savvy for Small Business provides essential information that will free up your time and money for what counts -- running your business effectively. Completely updated for
2012 returns, it explains how to: - choose the best business entity
- deduct current and capitalized expenses
- write off long-term assets
- keep records that will head off trouble with the IRS
- get tax breaks from business losses
- deal with payroll taxes
- negotiate payment plans for late taxes
- handle an audit
- get IRS penalties and interest reduced
- maximize retirement funds
- take advantage of fringe benefits
- use retirement funds as a tax break This edition of Tax Savvy for Small Business is completely updated and provides the latest tax breaks, rules, forms, and publications, including substantive changes and the latest tax numbers for 2012 returns.
About the Author
Frederick W. Daily is a tax attorney with over 35 years experience helping individuals and small business owners make smart tax decisions and stay out of trouble with the IRS. He has been featured as a tax expert on Good Morning America and NPR, and in publications across the country including Money Magazine, U.S. News & World Report, Newsweek, the New York Times, and the Chicago Tribune. He is the author of Stand Up to the IRS, Tax Savvy for Small Business and Surviving an IRS Tax Audit.
Table of Contents
Tax Basics1. Deductible Business Expenses2. Writing Off Long-Term Business Assets3. Bookkeeping and Accounting4. Business Losses and Failures5. Tax Concerns of Employers6. Sole Proprietorships—Solos, Freelancers, and Independent Contractors7. C Corporations8. S Corporations9. Partnerships10. Limited Liability Companies11. Qualified Personal Service Corporations12. Family Businesses13. Home-Based Businesses14. Fringe Benefits15. Retirement Plans16. Buying a Business17. Selling or Closing a Sole Proprietorship18. When You Can’t Pay Your Taxes19. Audits20. Appealing IRS Audits21. Penalties and Interest22. Help Beyond the Book23. Answers to Frequently Asked Tax QuestionsGlossaryAppendixIndex