A Book Review - "The Taxes For Small Business Owners"
“The Taxes For Small Business Owners” by Clyde Banks is a fantastic book for new and experienced business owners. This book covers all kinds of topics such as tax filing status, employee payroll, and business banking. The book has been written to assist individuals with Small Business Owners tax problems so they don’t have to spend hours in front of the IRS. It is an easy read with chapters focusing on common problems along with the solutions.
If you are going to use this book, then you already know that you need to be organized and know what kind of tax deductions you can take. Even if you have never had any tax problems before, the book will help you understand how to handle your finances properly and be able to solve problems quickly.
In fact, many people who have started their Small Business Ownersnever got past the problem of paying their taxes because they just couldn’t get their head around it.
While there are probably similar books out there, the book is different because it is specifically written for small business owners and not looking for a general book on taxes. You will also find that the book can be very beneficial to someone already doing their taxes for a living. If you have worked with an accountant before and understand how different deductions work, then the book will serve you well. The book also comes with a worksheet you can download right away to help you calculate your taxes.
In Taxes For Small Businesses QuickStart Guide, author StephanieOffline takes you through every tax rule, exception, and loophole in the tax code. Specifically, she focuses on obtaining a tax refund and dealing with the IRS in general. In this book, Stephanie Offline provides information that every small business owner should know. The main topic is regarding the “standard deduction.” This is because it is a necessary part of every tax law.
Stephanie Offline starts her book by describing the standard deduction. This is a deduction that every individual or business owner can claim. However, each individual or business may choose to claim different levels of the deduction. Regardless of which one is chosen, it will help small business owner lower their taxable income.
Taxation of partnerships is another issue covered in Taxes For Small Business Owners QuickStart Guide. What is a partnership? It is a legal entity that joins together to form a business entity. Partnerships are treated as entities for tax purposes. The taxation rate for partnerships is different from that of corporations and sole proprietorships. In fact, when you use a partnership as an investment tool, your profits are not taxed individually but are split between the partners in the partnership.
You may be surprised to learn that corporations are not taxed in some states, and sole proprietors are considered self-employed workers. Stephanie Offline discusses these topics in detail and provides several sample tax returns to compare before you file your own. The IRS offers a website that has free tax resources and sample tax papers that you can download. This website provides tax tips on everything from filing your business taxes to getting an expatriate tax return. Taxes for Small Business Owners is an essential topic that must be covered by anyone who owns a business.
Taxes for Small Business Owners are usually quite simple, especially if you work with a professional CPA. However, it pays to be cautious about which tax professionals you use. Many fly-by-night tax professionals out there will give incorrect professional advice and charge too much money for the services they provide. When you consider an accountant to help you with your taxes, make sure he is accredited with the Small Business Administration and is licensed to do business in your state. If in doubt, get a second opinion.