Product Description
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. Fortunately, 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 long-term assets *write off up to $104,000 of long-term assets each year *compare the advantages of different legal structures *take advantage of fringe benefits *keep records that will head off trouble with the IRS *get tax breaks from bus… More >>
Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money
Andrew Hofmeister
February 28, 2010 at 2:22 am
Looks like a great book but there seems to be a lot missing in the Kindle version. The text keeps referring to figures and lists that I can’t find.
Rating: 2 / 5
Richard J. Michalek Consulting
February 28, 2010 at 4:45 am
Do not rely on this as your only reference for tax issues. While it helps to identify pitfalls and points you to seeking and obtaining professional advice, it does not work as a “DIY” guide.
Rating: 2 / 5
Cat
February 28, 2010 at 7:03 am
This book was helpful and easy to read and understand, but I found that I still wanted some additional explanations and/or information.
Rating: 3 / 5
thorvald
February 28, 2010 at 7:54 am
I’ve run a small, solo proprietorship business for quite a few years. Profits have steadily grown… until this last year when the poor economy put some of my best clients out of business and, as a result, decreased my business income. This book answered many of my questions about this year of showing a probable loss on my taxes in a clean, easy-to-follow format. The material, and the way it was organized and written, was absolutely first rate. I had no problem getting directly to answers and information about specific issues, but the writing and format is such that someone new to the small business world would find it not only a useful, but very readable book to go through cover-to-cover (which I would recommend to anyone starting a small business).
I was impressed and pleased by the:
Organization–clear and concise with a good layout order of issues
Writing–very easy to read without being simplistic, clear information without ponderous text
Layout–Tips, cautions, and asides are very clearly distinguished, easy to spot the specific item on a page you may be looking for.
Very highly recommended, not just during tax season but year around as a resource to operate your business, how and why to keep records and receipts. Excellent resource.
Rating: 5 / 5
Citizen John
February 28, 2010 at 8:46 am
Tax attorney Frederick Daily explained many small business tax subjects extremely well in this book, and in particular I was impressed with his explanation of Section 179.
Section 179 allows the company to deduct up to 250K (for 2008 and 2009) of depreciable property (although not buildings) in the year the equipment is placed in service. The business has to use the 179 election in the year of purchase or it waives the right to do so. This means that computers, office furniture and some vehicles get to be completely written off in the year of purchase.
I’ve found that my tax clients (I’m a CPA) were usually unaware of Section 179. Unfortunately, by the time a lot of people have read Tax Savvy for Small Business, it may be too late to take full advantage. The maximum deduction will drop to 125K for 2010.
I’ve provided this one salient example to try to sound the trumpet that this is a book some people will want to have. Besides, this book makes you feel good because you can see a sliver of light providing you have income with which to offset.
Rating: 5 / 5