Paperback: 224 pages
Publisher: Taylor Trade Publishing; 11th edition (February 16, 2013)
Language: English
ISBN-10: 1589797981
ISBN-13: 978-1589797987
Product Dimensions: 7 x 0.5 x 9 inches
Shipping Weight: 1 pounds (View shipping rates and policies)
Average Customer Review: 4.5 out of 5 stars See all reviews (53 customer reviews)
Best Sellers Rank: #33,123 in Books (See Top 100 in Books) #9 in Books > Business & Money > Taxation > Small Business #14 in Books > Business & Money > Accounting > Bookkeeping #17 in Books > Business & Money > Taxation > Personal
I stumbled upon this book soon after I started my consulting business and I'm glad that I did. Had I not read this book, I would have lost thousands of dollars that are otherwise completely legal to claim - the IRS merely doesn't go shouting the deductions you might be entitled to; you have to research them. This book has helped me as an LLC, but it takes into account the major types of business entities and differentiates which can deduct what (Sole Proprietorship, LLC/LLP, C Corporation, & S Corporation).If all of this sounds daunting to someone considering entering into business for themselves, this book gives sound advice as to how to protect yourself if an audit does come your way - the book simply does not advocate anything illegal; the tax deductions/credits are there for a reason & you should use them to their fullest extent.Why I think this book will become ever more important (?). I think it will because this is the new economy that Americans are forced to operate within. If they cannot find full time employment, but can find a reasonable part-time position (or two), they can also mobilize their skill set as a business and offset their tax burden significantly. The IRS only requires that one show intent to make profit for a business to be valid and for appropriate deductions to count. If the American people can sever their liability into a company that operates in the red and have the option for pass through taxation (taxed only once; not two entities) on their income tax, then they can substantially reduce their tax obligations through their small business. This could turn a part-time salary of say $20k net into something more akin to $24-26K net, depending on the deductions one takes.
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