Tax Savvy for Small Business: A Complete Tax Strategy Guide

by Frederick W. Daily, Jeffrey A Quinn

Overview

Create a business tax strategy that will save you time, energy and money

Getting your tax matters on track will free up your time to do what really counts: run a profitable business. Tax Savvy for Small Business shows you how to:

• deduct operating expenses
• deduct travel, vehicle and entertainment expenses
• take advantage of tax credits
• write off long-term assets
• compare business structures
• keep solid business records, and
• handle an IRS audit.

This completely updated edition of Tax Savvy for Small Business explains the latest tax breaks and IRS rules and forms.

Includes the top business deductions—the best ones to take and how to claim them.

All the information in the book remains up-to-date for the 2017 tax year. The changes brought about by the Tax Cuts and Jobs Act all take effect in 2018, except for an increase in bonus depreciation which took effect September 27, 2017. Anyone who purchases the book has access to an update page on the Nolo website specific to this book which explains the 2017 bonus depreciation change and summarizes how the new tax law affects small business owners’ taxes for 2018 and later. A new edition of the book, completely updated for the new tax law, will be published August 1, 2018.

Product Details

ISBN-13:	9781413324235
Publisher:	NOLO
Publication date:	01/30/2018
Edition description:	Nineteenth Edition
Pages:	368
Sales rank:	444,489
Product dimensions:	8.30(w) x 10.70(h) x 0.90(d)

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.

Jeffrey Quinn is a Certified Public Accountant in California and Nevada and has a Masters of Science in Taxation from Golden Gate University. He worked at Price Waterhouse & Co. in San Francisco and then relocated to Incline Village, Nevada, where he has practiced ever since. He has authored weekly tax columns in the North Lake Tahoe Bonanza for nearly 35 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 Can't 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

What People are Saying About This

From the Publisher

"This plain-English guide will show you how to make the most of your tax-deductions". Business Week 

Paul Tulenko

"This is an extremely valuable book, and you need it on your desk."--(Paul Tulenko, syndicated business columnist)

Interviews

Understanding taxes is an essential part of any small business—small business owners need to know about business deductions, writing off business assets, and the tax consequences of business decisions. This book provides all this information and more so business owners can make the best tax-related decisions about how to run their business.

Editorial Reviews

"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

"The essential small business tax strategy book for the savvy entrepreneur" Named "Best Tax Book" by Entrepreneur magazine

From the Publisher

This book is one of the best plain-language books on small-business taxes.

The Wall Street Journal

This plain-English guide will show you how to make the most of your tax-deductions.

BusinessWeek

A completely invaluable guide... keep this on your bookshelf for future reference. Five star s (we love it).

Inc.

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

[One of] the hottest books to help you comply with (and maybe get a refund from) Uncle Sam.

Entrepreneur.com

[One of the] best resources to get your business growing.

Money Magazine

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)

Booknews