Don't Let the IRS Destroy Your Small Business
76 Mistakes to Avoid(amazon)
Michael Savage (View Bio)
; Paperback: Addison Wesley, 1998.
"With new businesses multiplying like rabbits, it is never too late to learn the number one critical question to ask, namely, what are the tax ramifications? That query should accompany every company strategy, every company move, from founding to estate planning. According to Manhattan tax attorney Savage, 76 mistakes are almost indigenous to small-business ventures. Many of those errors, categorized here into a dozen chapters, are generally well known, thanks to popular media coverage (such as the home-office deduction and establishing the difference between an employee and an independent contractor). Other IRS Code rules are more arcane, including the selection of the appropriate retirement plan and the too-much-capital-not-enough-debt trap. Considering that the infamous code is more than 3,000 pages in length, it makes excellent sense to have an expert flag Uncle Sam's hot spots — well in advance." — Booklist