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Tax Savvy for Small Business

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Overview

The essential tax-strategy book for entrepreneurs who call themselves "boss."

Named a "Best Tax Book" by Entrepreneur

Knowing the ins and outs of the tax code is vital to the health of every small business. Virtually every decision a ...
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Overview

The essential tax-strategy book for entrepreneurs who call themselves "boss."

Named a "Best Tax Book" by Entrepreneur

Knowing the ins and outs of the tax code 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.

Tax Savvy for Small Business provides valuable strategies that will free up your time and money for what counts -- running your business, and running it effectively. It explains how to:

• deduct current and capitalized expenses
• write off up to $108,000 of long-term assets each year
• compare different business structures
• take advantage of fringe benefits
• 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
• use retirement funds as a tax break

Completely updated, the 11th edition of Tax Savvy for Small Business provides the latest tax breaks, rules, forms and publications. You'll also find a list of the top 25 business deductions - the best deductions to take and how to claim them.

List of Forms
IRS Publications List
Forms Checklist and Due Dates
Quick and Easy Access to IRS Tax Help and Tax Products
(Publication 2053-A)
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Editorial Reviews

Entrepreneur.com
[One of] the hottest books to help you comply with (and maybe get a refund from) Uncle Sam.
Small Business Opportunities
The author has more than 20 years experience... Even if you use an accountant, pick up a copy of this book for further understanding and tax management.
BusinessWeek
This plain-English guide will show you how to make the most of your tax-deductions.
The Wall Street Journal
This book is one of the best plain-language books on small-business taxes.
Inc.
A completely invaluable guide... keep this on your bookshelf for future reference. Five star s (we love it).
Money Magazine
[One of the] best resources to get your business growing.
Inc.
A completely invaluable guide... keep this on your bookshelf for future reference. 5 stars (we love it.
Money Magazine
[One of the] best resources to get your business growing.
Small Business Opportunities
The author has more than 20 years experience...Even if you use an accountant, pick up a copy of this book for further understanding and tax management.
Small Business Opportunities
The author has more than 20 years experience...Even if you use an accountant, pick up a copy of this book for further understanding and tax management.
Booknews
Daily (a tax attorney) offers the small business owner advice on reducing taxes. He describes year-round tax-saving strategies, as well as particular tips and techniques. Business structures, deductions for expenses, and write-offs for assets are all discussed. In addition, he provides advice on record-keeping and surviving an audit. A glossary, tax forms, and the answers to frequently asked questions are included. Annotation c. Book News, Inc., Portland, OR (booknews.com)
The Wall Street Journal
This book is one of the best plain-language books on small-business taxes.
Inc.
"A completely invaluable guide... keep this on your bookshelf for future reference. Five stars (we love it)."
Inc. Magazine
A completely invaluable guide... keep this on your bookshelf for future reference. Five stars (we love it).
Accounting Today
Shows business owners how to make the most of all the rules aimed at encouraging small business.
BusinessWeek
This plain-English guide will show you how to make the most of your tax-deductions.
Entrepreneur.com
[One of] the hottest books to help you comply with (and maybe get a refund from) Uncle Sam.
Library BookWatch
Combines a complete strategy approach with insights no business, whether big, medium or small, can afford to miss.
Money Magazine
[One of the] best resources to get your business growing.
Reference & Research Book News
Covers new tax breaks, rules, forms and publications relevant to small-business owners.
Small Business Opportunities
The author has more than 20 years experience... Even if you use an accountant, pick up a copy of this book for further understanding and tax management.
Upscale
When starting your own business, it's important to know that in legal terms, anything you don't know can hurt you.... If you can't afford a lawyer, consider reading... Tax Savvy for Small Business.
World Magazine
Explains well the opportunity for small businesses to set up corporate medical reimbursement and educational assistance plans, and that's the book I'd recommend.
— Marvin Olasky
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Product Details

  • ISBN-13: 9781413309034
  • Publisher: NOLO
  • Publication date: 12/21/2008
  • Edition number: 12
  • Pages: 384
  • Product dimensions: 10.86 (w) x 8.32 (h) x 0.85 (d)

Meet 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.
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Table of Contents

I. Introduction

A. Taxes for Small Businesses and the Self-Employed
B. How Tax Law Is Made and Administered: The Short Course
C. Where to Find Tax Rules
D. Marginal Tax Rate and Tax Brackets
E. The Alternative Minimum Tax (AMT)

Part 1: The Basics

1. Deductible Business Expenses and Income

A. What Is a Deductible Business Expense?
B. Is It a Current or Future Year Expense?
C. Top 25 Deductions for Businesses
D. The General Business Credit
E. Vehicle Expenses
F. How and Where to Claim Expense Deductions
G. What Is -- And Isn't -- Income?

2. Writing Off Business Assets

A. When Various Expenses May Be Deducted
B. Section 179: Expensing Business Assets
C. Depreciating Business Assets
D. Tax Basis of Business Assets
E. Leasing Instead of Buying Assets
F. When You Dispose of Business Assets: Depreciation Recapture Tax
G. Tax Errors in Depreciation

3. Bookkeeping and Accounting

A. Why You Need a Bookkeeping System
B. Should You Hire a Bookkeeper?
C. Manual or Computer System?
D. What Kinds of Records to Keep
E. How Long Records Should Be Kept
F. Bookkeeping Methods of Tracking Income and Expenses
G. Timing Methods of Accounting: Cash and Accrual
H. Accounting Periods: Calendar Year or Fiscal Year

4. Business Losses and Failures

A. Unincorporated Business Losses
B. Incorporated Business Losses

5. Tax Concerns of Employers

A. Employer Identification Numbers
B. What Are Payroll Taxes?
C. Reporting and Depositing Payroll Taxes
D. Classifying Workers: Employee or Independent Contractor?
E. Misclassifying Employees as IndependentContractors
F. IRS Filing and Payment Requirements for Employers
G. Record Keeping for Your Workers

Part 2: The Structure of Your Business

6. Sole Proprietorships

A. What It Means to Be a Solo -- From a Tax Perspective
B. To Be or Not to Be -- A Solo
C. Solo Income and Expenses
D. Solos' Tax Forms: Schedule C Is Your Friend
E. What If My Solo Biz Loses Money?
F. How Solos Are Taxed
G. Record Keeping for Solos
H. When a Solo Closes Up Shop
I. Death of a Solo
J. Outgrowing the Solo

7. C Corporations

A. Types of Corporations
B. How C Corporations Are Taxed
C. Tax Benefits of C Corporations
D. Incorporating Your Business
E. The Importance of Issuing Section 1244 Stock
F. Taking Money out of a C Corporation
G. Tax Pitfalls of C Corporations
H. Dissolving a C Corporation

8. S Corporations

A. An Overview of S Corporations
B. Should You Choose S Corporation Status?
C. Tax Reporting for S Corporations
D. How S Corporation Shareholders Are Taxed
E. Social Security and Medicare Taxes
F. Electing S Corporation Status
G. Revoking S Corporation Status
H. Dissolving an S Corporation

9. Partnerships

A. Partnership Tax Status
B. Tax Reporting by Partnerships
C. Tax Obligations of Partners
D. Partnership Losses
E. Partnership Contributions
F. Getting Money out of a Partnership
G. Partnership Expenses
H. Selling or Transferring a Partnership Interest
I. Ending a Partnership

10. Limited Liability Companies

A. Taxes
B. Comparing LLCs With Other Entities
C. The Limited Liability Company (LLC)
D. Terminating a Limited Liability Company

11. Qualified Personal Service Corporations

A. Qualified Personal Service Corporations (QSPCs)
B. QPSCs & Taxes
C. Fringe Benefits
D. Potential Tax Problems
E. Transferring Shares
F. Dissolving a Qualified Personal Service Corporation

Part 3: Thinking Small

12. Family Businesses

A. The Legal Structure of a Family Business
B. Income Splitting Lowers Taxes
C. A Spouse in the Business
D. Preserving a Family Business After Death

13. Microbusinesses and Home-Based Businesses

A. Business Expenses Incurred at Home
B. Deducting Part of the Cost of Your Home
C. Calculating Your Home Office Deduction
D. Tax When Selling the Home Office
E. A Microbusiness as a Tax Shelter

Part 4: Fringe Benefits

14. Fringe Benefits

A. How Fringe Benefits Save Taxes
B. Retirement Benefits
C. Motor Vehicles
D. Meals
E. Travel and Lodging
F. Clubs and Athletic Facilities
G. Association Dues and Subscriptions
H. Health Benefits
I. Day Care Benefits
J. Education Benefits
K. Gifts, Rewards, Discounts, and Free Services for Employees
L. Adoption Assistance
M.Special Benefits for C Corporation Employees Only

15. Retirement Plans

A. Advantages of Retirement Plans
B. Overview of Retirement Plan Types
C. Details About Each Type of Retirement Plan
D. Where to Go for a Retirement Plan
E. Potential Tax Problems With Retirement Plans
F. Withdrawing Money From Retirement Plans
G. Closing Your Business and Your Plans

Part 5: Buying or Selling a Business

16. Buying a Business

A. Buying the Assets of a Business
B. Buying Shares of Stock
C. Assigning a Price to Business Assets
D. State and Local Transfer Taxes

17. Selling a Business

A. Reporting the Sale of a Sole Proprietorship
B. The Importance of an Arms-Length Deal
C. How to Protect Yourself From IRS Challenges

Part 6: Dealing With the IRS

18. When You Can't Pay Your Taxes

A. If You Owe Less Than $25,000
B. Getting More Time to Pay
C. Paying in Installments
D. What to Expect When the IRS Gets Serious
E. Dealing With a Monster Tax Bill
F. When the IRS Can Take Your Assets

19. Audits

A. Who Gets Audited?
B. How Long Do You Have to Worry About an Audit?
C. How the IRS Audits Small Businesses
D. The Auditor's Powers
E. Should You Get Audit Help?
F. Preparing for Your Audit
G. What to Bring to an Audit
H. Don't Rush a Field Audit
I. What Auditors Look for When Examining a Business
J. How to Behave at an Audit
K. How to Negotiate With an Auditor
L. Your Options After Getting an Audit Report
M. When Your Audit Is Final

20. Appealing IRS Audits

A. IRS Appeals
B. Contesting an Audit in Court

21. Penalties and Interest

A. Common Reasons for Penalties
B. Interest on Tax Bills
C. Understanding Penalty and Interest Notices
D. How to Get Penalties Reduced or Eliminated
E. How to Get Interest Charges Removed
F. Designating Payments on Delinquent Tax Bills

22. Help Beyond the Book

A. Finding Answers to Tax Questions
B. Finding and Using a Tax Pro

23. Answers to 25 Frequently Asked Tax Questions

Glossary

Appendix
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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted February 16, 2008

    A reviewer

    I purchased this book along with Deduct It! 'both published by Nolo Press'. This book covers much of the same tax information in Deduct It!, however that book does a much better job of it. This book focuses on the 'how to' of being self-employed, and would be greatly helpful to someone starting a new business who is unsure about set up, record-keeping, etc. For anyone else who has already been in small business for a while, there isn't much new here. A good book--well written--just not for everyone.

    2 out of 2 people found this review helpful.

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  • Posted December 29, 2011

    Very easy to read and understood

    This is one of the best books that I read. Its was so helpfull for me. I recomend to read it

    Was this review helpful? Yes  No   Report this review
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