Tax Savvy for Small Business

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Nolo, Nov 16, 2011 - Business & Economics - 383 pages
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The essential small business tax strategy book for the savvy entrepreneur

Named a "Best Tax Book" by Entrepreneur magazine

Understanding the tax system 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. Develop the best tax plan for your small business, learn the ins and outs of the tax code, and create comprehensive strategies to get back the most from the IRS with this all-in-one guide.

Tax Savvy for Small Business provides essential information that will free up your time and money for what counts -- running your business effectively. Completely updated for 2011 returns, it explains how to:

  • choose the best business entity
  • deduct current and capitalized expenses
  • write off long-term assets
  • 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

    The 15th edition of Tax Savvy for Small Business is completely updated and provides the latest tax breaks, rules, forms, and publications, including substantive changes and the latest tax numbers for 2011 returns.
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    Contents

    Your Tax Saving Companion
    1
    1 Tax Basics
    3
    2 Deductible Business Expenses
    9
    3 Writing Off LongTerm Business Assets
    37
    4 Bookkeeping and Accounting
    61
    5 Business Losses and Failures
    77
    6 Tax Concerns of Employers
    83
    7 Sole ProprietorshipsSolos Freelancers and Independent Contractors
    105
    16 Retirement Plans
    233
    17 Buying a Business
    251
    18 Selling or Closing a Sole Proprietorship
    261
    19 When You Cant Pay Your Taxes
    267
    20 Audits
    279
    21 Appealing IRS Audits
    301
    22 Penalties and Interest
    309
    23 Help Beyond the Book
    317

    8 C Corporations
    123
    9 S Corporations
    147
    10 Partnerships
    161
    11 Limited Liability Companies
    177
    12 Qualified Personal Service Corporations
    185
    13 Family Businesses
    191
    14 HomeBased Businesses
    203
    15 Fringe Benefits
    217
    24 Answers to Frequently Asked Tax Questions
    329
    Glossary
    337
    Appendix
    347
    Index
    353
    Keep Up to Date
    368
    Online Legal Forms
    370
    Lawyer Directory
    371
    Copyright

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    About the author (2011)

    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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