| Short Takes: Finance and Taxes |
 422 Tax Deductions for Businesses and Self-Employed Individuals
By Bernard B. Kamoroff
Kamoroff's guide is not about loopholes or gray areas in the law, but is
rather a collection of genuine and acceptable tax deductions arranged
alphabetically from Accountants to Zoning. The 422 entries also include
cross-references and a note on the proper IRS expense category for each.
Some entries are skimpy ("deductible" is the only word written about
Exterminator Services), others beefy (four pages on the intricacies of
"office-in-the-home"). Kamoroff, a CPA and author of the well-known business
book Small Time Operator, points out that a business owner has to claim
deductions for himself; he can never assume that his accountant will find
them all. Debunking the myth that accountants are utterly devoid of
personality, Kamoroff writes with a touch of wry humor. Possibly of help to
a big business, this guide is geared to the one-person and small businesses.
His advice: "When in doubt, deduct."
Buy it
 The Business Plan Guide for Independent Consultants
By Herman Holtz
Written primarily for the newly independent consultant, The Business Plan Guide discusses the importance of defining one's products, services, and sales strategies, conducting market research and projecting income. The book contains a complete sample business plan. Buy it
Collection Techniques for a Small Business
By Gini Graham Scott and John J. Harrison
This book offers practical tips on how to turn receivables into cash. Worksheets and checklists help businesses establish credit policies and track accounts. The book advises how to deal with disputes, negotiate settlements, win in small claims court, collect on judgments, and bring in a collection agency or attorney when necessary. Gini Graham Scott has a Ph.D. in Sociology from the University of California Berkeley; John J. Harrison is the author of It's A New Day For Consumers. Buy it
 Don't Let the IRS Destroy Your Small Business: Seventy-Six Mistakes to Avoid
By Michael Savage
Writing for businesses too small to have a tax attorney or a tax accountant
on retainer, the author attempts to guide the IP and small businessperson
through the complexities of tax law. Savage, a Manhattan tax attorney, combs
through the 3,000-page federal tax code, offering expert advice on how to
prevent running afoul of IRS protocol. He covers everything, from the
fundamentals of the home-office deduction to the intricacies of retirement
plans. The author describes the book as a compilation of the recurring
mistakes he has seen in his quarter-century of practice.
Buy it
Financing Your Small Business: Techniques for Planning, Acquiring, & Managing Debt
By Art DeThomas
The book introduces readers to the fundamentals of finance and explains various financing alternatives in friendly, non-technical language. Among other things, this book aims to help readers understand financial statements, determine how much debt their businesses can afford, and find the appropriate banker. Mr. DeThomas, a business consultant with a Ph.D. in finance, has been associated with the U.S. Small Business Administration and the Georgia Small Business Development Center and has worked with many small business clients over the past 15 years. He serves on the editorial review boards of several publications, including Entrepreneurship: Theory and Practice and Journal of Economics and Finance. Buy it
 Get
Your Money! How to Protect Your Business Without Losing Your Customers
By Eliot M. Wagonheim
Getting paid is the desirable outcome for
the largest of companies, but for the IP in a newly started business
it's a matter of survival. Wagonheim has written a whole book about
a subject that tends to be dealt with only briefly in a lot of business
books: how to keep the cash flow coming without pestering clients. The
author deals with safely accepting credit cards and checks, spotting
potentially troublesome clients, handling difficult and demanding customers,
resolving disagreements on payment, and what to do if money disputes
are intractable. A commercial litigation lawyer practicing in Baltimore,
Wagonheim also advises on how to file suit, how to avoid hiring attorneys,
and how to collect when you have won a judgment -- often a problem in
small claims courts. He also provides model documents. Buy it
 J.K.
Lasser's Taxes Made Easy for Your Home-Based Business: The Ultimate
Tax Handbook for Self-Employed Professionals, Consultants, and Freelancers
By Gary Carter
Carter's book has many virtues and a few flaws. To the good, it is
written specifically for IPs, not small businesses. Devoting three chapters
to the subject, he aggressively promotes the cause of taking an office
in the home, and he highlights the advantages of operating as a limited
liability company. Somewhat questionably, he talks up doing one's own
tax return. And, perhaps because he teaches accounting at the University
of Minnesota's Carlson School of Management, Carter overestimates the
interest IPs will have in doing their own tax research. This 4th edition
is revised to cover new tax laws and regulations. Buy it
 Keep
Your Hard-Earned Money: Tax-Saving Solutions for the Self-Employed
By Henry Aiy'm Fellman
Tax shelters are not just for the rich, according
to Fellman -- they're available to you as an IP of virtually any income.
Claiming that 70 percent of home businesses overpay their taxes, the
author explains how to take advantage of every tax deduction allowable.
He advises on how to choose the legal structure (sole proprietor, partnership,
etc.) that's best for you and how to shift income in your family to
save on taxes. His major concern, however, is converting many of your
expenses into business deductions. There are some valuable insights
in his book, although advocating going into business in order to save
taxes is putting the cart before the horse. Buy it
 Keeping
the Books: Basic Recordkeeping and Accounting for the Successful Small
Business
By Linda Pinson and others
An easy explanation of a vital subject for IPs who don't know single-entry
from double-entry bookkeeping. The book explains all aspects of recordkeeping
from keeping a general ledger to analyzing a financial statement. The
author and her contributors also explain how cash flow can be projected
on a monthly basis and how you can use the information to understand
your business. Pinson details when to pay state and federal taxes and
what to have ready for your tax accountant. This updated fifth edition
has illustrations, worksheets, and forms. Buy it
 Minding
Her Own Business:The Self-Employed Woman's Guide to Taxes and Recordkeeping
By Jan Zobel
Written in plain language, Zobel's book will teach you through real-life examples how to keep a simple set of records; what the IRS would expect to see in an audit; how to lessen your chances of being audited; what it means to work as an independent contractor; which expenses are deductible and what proof you need to have; what tax forms are used by self-employed people; who needs to make quarterly estimated tax payments; how to calculate how much to send quarterly; what to do if you don't have enough money to pay your taxes; how to select a bookkeeper or tax preparer; how new tax laws will affect you, and many other things. It's a year-round guide to reducing taxes and avoiding audits. Buy it
 The Small Business Money Guide: How to Get It, Use It, Keep It
By Terry Lonier and Lisa M. Aldisert
Lonier and Aldisert offer advice for the fledgling freelancer on where to look for financing (including banks, government programs, finance companies, and credit card companies), and explain that the right financial source at one stage of a business can be the wrong source at another stage. They also offer guidance on dealing with cash-flow problems and writing business plans, and emphasize the importance of a financial team -- banker, accountant, lawyer, and insurance broker -- to keep you on track. Most small businesses fail, the authors say, because they find themselves strapped for cash after getting started. Plan on needing at least 50 percent more money than you think will be required to start a business and to keep it going in the early stages. Co-author Lonier, who has written several other books on the solo experience, is a major player in the field of small-business consulting. Buy it
 Smart Tax Write-Offs (Third Edition)
By Norm Ray
Ray's professed goal is not just to provide you with lists of deductible items, but to prime your "idea pump" so that you'll think of some for yourself. His book, written especially for home-based businesses and independent professionals, is easy to follow and is divided into easily-digestible chunks. Unfortunately, it lacks any discernible method of record-keeping and is not well organized. It may be worth your time to read it anyway -- there are lots of little tidbits of information here that you probably didn't know. He tells you why you can't deduct your wristwatch (yeah, we know, it's vital to your business that you know what time it is -- but you can't deduct it anyway). On the other hand, he explains how you can deduct compact discs, if you play them as business background music. Ray, a CPA, also provides a checklist of possible deductions, and encourages you to take them, which is all to the good.
Buy it
 Tax Planning and Preparation Made Easy for the Self-Employed
By Gregory L. Dent and Jeffrey E. Johnson
Putting complicated IRS rules into sentences that earthlings can understand
is the authors' chief aim. Dent, a journalist who writes extensively about
self-employment, and Johnson, a tax attorney, give special attention to the
issue of office-in-the-home, a bedeviling issue for countless IPs. While
cautioning the taxpayer about the dangers of taking a home-office deduction,
they dispel the myth that doing so always leads to an audit. Additionally,
they show how to marshal a case for the deduction. Another chapter offers
valuable tips on keeping accurate tax records. The second half of the book
shows, line by line, how to fill out the most important tax forms for
self-employed taxpayers.
Buy it
 Tax Savvy for Small Business: Year-Round Tax Strategies to Save You Money,
4th edition
By Frederick W. Daily
Almost every decision a business owner makes has tax consequences that can
affect the bottom line. Thinking hard about your taxes is therefore not
something you do in April, says the author of this reliable guide, but
something you should do all the year round. The book also provides advice
about what to do if you can't pay your taxes on time, including information
on installment payments. Daily also advises on how to behave during an audit
and how to use a computerized bookkeeping system.
Buy it
 Wage Slave No More: Law and Taxes for the Self-Employed
By Stephen Fishman
Fishman (an attorney, ironically) thinks ordinary people can do a lot of
their legal and accounting work for themselves. In Wage Slave No More, he
gives advice on how to fulfill start-up requirements, comply with IRS
regulations, choose a business name, protect patents, avoid booby-trap
contracts, and draft your own consulting contracts with clients. The second
edition includes a full explanation of the Taxpayer Relief Act of 1997 and
its consequences for the IP. Buy it
Return to main Books page
|
