Don't Let the IRS Destroy Your Small Business: 76 Mistakes to Avoid

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In this lively book, veteran tax attorney Michael Savage provides essential tax advice to small business owners, many of whom pay exorbitant tax fees for mistakes that may have easily been avoided. Without staff attorneys at their disposal, small businesses can get into big financial trouble, not out of dishonesty, but because they don’t know where the potential tax landmines lie.Concise, practical and irreplaceably instructive, Don’t Let the IRS Destroy Your Small Business covers seventy-six areas of tax law that cause business owners the most trouble, regardless of what business they are in: payroll tax liability, excessive salaries, travel and entertainment expenses, fringe benefits, pension plans, owning multiple companies, and many more.

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What People Are Saying

Mark Skousen
"Savage's book is a powerful shield against the unguided missiles of the IRS."
-- Editor, Forecast & Strategies
John M. Capozzi
"I've started seventeen successful businesses since 1979... if only I had Michael Savage's book along the way."
-- Investment banker and author of Why Climb the Corporate Latter When You Can Take the Elevator? and If you Want the Rainbow You Gotta Put UP with the Rain
Wally Amos
"Don't Let the IRS Destry Your Small Business is really a book about the dos and don'ts of running a small business. I think it contains great advice for anyone owning a small business."
-- Lecturer and author of Watermelon Magic: Seeds of Wisdom, Slices of Life
Richard Munro
"Clear and informative. A must for small business owners."
-- Time Warner, Inc.
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Product Details

  • ISBN-13: 9780201311457
  • Publisher: Basic Books
  • Publication date: 1/28/1998
  • Pages: 192
  • Sales rank: 791,464
  • Lexile: 1330L (what's this?)
  • Product dimensions: 5.36 (w) x 8.27 (h) x 0.55 (d)

Meet the Author

Michael Savage is the senior tax partner in the New York law firm of Gersten, Savage, Kaplowitz & Fredericks, where he has represented corporations and individuals throughout the United States for twenty-three years. He is the author of Everything You Always Wanted to Know About Taxes, but Didn’t Know How To Ask and Good News/Bad News—A Tax Reform Guide. He lives in New York and Aberdeenshire, Scotland.

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Table of Contents

Introduction: Who Makes the Mistakes and Why?
Ch. 1 Interest and Penalties 1
Ch. 2 Employees 4
Ch. 3 Independent Contractors 16
Ch. 4 Salaries, Dividends, and Loans 28
Ch. 5 Travel and Entertainment Expenses 44
Ch. 6 Cars, Planes, and Other Fringe Benefits 65
Ch. 7 Home-Office Deductions 77
Ch. 8 Deducting Interest on Business Loans 88
Ch. 9 Retirement Plans 102
Ch. 10 S Corporations 116
Ch. 11 Owning More than One Business 135
Ch. 12 Estate Planning for Small-Business Owners 145
Afterword 161
Index 163
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  • Anonymous

    Posted March 15, 2000

    Good Book for First Time Entrepreneurs

    This book is good if you are starting your first business. It is written in simple, easy to understand terms. The author addressed several common misconceptions about what an owner can and cannot do with his 'own money'. It can save you some IRS headaches in the future.

    Was this review helpful? Yes  No   Report this review
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