Synopses & Reviews
The essential small business tax strategy book for the savvy entrepreneur
Named ""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 2013 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 2013 returns.
Review
""This plain-English guide will show you how to make the most of your tax-deductions"". Business Week
""..Even if you use an accountant, pick up a copy of this book for further understanding and tax management."" Small Business Opportunities ""A completely invaluable guide... keep this on your bookshelf for future reference. Five stars (we love it)."" Inc. Magazine
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 and 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.
Jeffrey A. Quinn started his career in the San Francisco office of PriceWaterhouseCoopers (formerly Price Waterhouse) in 1970, upon graduation from the University of San Francisco with a degree in accounting. He is a Certified Public Accountant in both Nevada and California, and also holds a Masters of Science in Taxation degree from Golden Gate University, in San Francisco. He is a member of the California Society of Certified Public Accountants and the American Institute of Certified Public Accountants. He has authored weekly tax columns in the North Lake Tahoe Bonanza for nearly 40 years.
Table of Contents
Tax Basics 1. Deductible Business Expenses 2. Writing Off Long-Term Business Assets 3. Bookkeeping and Accounting 4. Business Losses and Failures 5. Tax Concerns of Employers 6. Sole Proprietorships—Solos, Freelancers, and Independent Contractors 7. C Corporations 8. S Corporations 9. Partnerships 10. Limited Liability Companies 11. Qualified Personal Service Corporations 12. Family Businesses 13. Home-Based Businesses 14. Fringe Benefits 15. Retirement Plans 16. Buying a Business 17. Selling or Closing a Sole Proprietorship 18. When You Cant Pay Your Taxes 19. Audits 20. Appealing IRS Audits 21. Penalties and Interest 22. Help Beyond the Book 23. Answers to Frequently Asked Tax Questions Glossary Appendix Index