As its title suggests, The Pocket Small Business Owner’s Guide to Taxes by Brian Germer offers tax advice for small business owners, but it also applies to people who are self-employed or who consider themselves employees (such as shareholders in C or S corporations). Simply stated, small businesses pay taxes which are a combination of the employee and employer portion of the Social Security and Medicare Tax (although the employer part is tax deductible).
Anyone looking for quick answers to complex tax questions will have a friend in this book. The chapters are easy to access and are arranged in three sections: the small business owner essentials, information on business structures, and information on how to maximize your deductions. If the reader has a tax question, it is easy to skip to the chapter that is the most appropriate to get the correct answer for the specific situation.
I liked looking at sections that answered the most unusual but nevertheless important questions for small business owners. Such as the section that offered guidance for depreciating a luxury vehicle used by the business. What many small business owners may not realize is that this year, 50% of the allowed depreciation will be applicable but in 2013, this type of bonus depreciation is expected to expire. After 2013, the limits for deductions will revert to pre-2008 nominal amounts, which may affect how small business owners decide to purchase or sell vehicles in their business.
I recommend this book if the reader has general tax questions as it will definitely tell them where to go for more information and may be easier than doing endless searches for information online.
After a decade of working in several NYC law departments and teaching, Poppy decided she enjoyed writing full-time. She currently works as a freelance writing consultant, and lives with her husband and sons on the East Coast.
Review copy was provided free of any obligation by Allworth Press. No monetary or any other form of compensation was received.