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When it comes to getting the ire up of any entrepreneur ... all you have to do is bring up the subject of taxes. When someone joins the ranks of business owners one of the first shocks they get is when they discover that they are automatically put into a tax bracket that reaches from around 30 percent to over 50 percent of their profits. So it is natural that one of the biggest questions small business owners have is how to stop the tax man from taking such a big bite out of all those hard earned dollars. The answer to that and many more common questions can be found in Tax Savvy for Small Business. In this book scores of tax related issues are explained in common sense understandable language. While most people donít go into business to be tax experts, not having a basic understanding of business taxes is an expensive direction to take. That doesnít mean that you have to be able to understand all the governmenteze language the IRS puts out. Tax Savvy takes a basic approach to helping you understand tax planning. You have money coming in from sales and money going out for expenses. What is left over (profit) is what you pay taxes on. The challenge for many small business owners are all those expenses that fail to be taken advantage of. When you figure that just about every small business owner is in the 30 percent to 50 percent tax bracket, every dollar you can legitimately put to the business expense column will decrease your tax bill dramatically and put that money into your pocket. A few examples of what Tax Savvy helps you understand include:
And Tax Savvy doesn't stop at how to make sure you are deducting all your expenses. It also covers recordkeeping and the value of a good bookkeeping system. How to keep good records that will stand up to an IRS audit. How to deal with taxes if you have employees. And a breakdown for your specific business structure whether you are a Sole Proprietor, Partnership, C Corporation, S Corporation, or Limited Liability Company. Tax Savvy gives you good advice to consider for other areas too, such as when you buy a business or sell a business. What to do if you are in a cash crunch and can't pay your taxes. Guidance for the scourge of every business -- dealing with a the IRS when they tell you they want to sit down and have a little chat on one of your tax returns. Tax Savvy for Small Business is one of the best and most understandable books on small business taxes on the market. Unless you have an army of accountants working for your business this book is a must read. About
the reviewer
Fairbrother also directs the popular ShopTalk 800 service offered to members of the National Association for the Self-Employed.
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Gene
Fairbrother is the president of MBA Consulting, Inc.,
and one of the leading small-business experts in the United
States. Fairbrother is a frequent contributor to numerous
small-business publications and is often interviewed by such
national publications as The Wall Street Journal,
The New York Times, Forbes, Fortune and
other publications looking for professional expertise about
marketing, finance and entrepreneurship. He appears as a
speaker throughout the country, addressing a wide-variety of
business topics.