Review the Book - Where Authors and Reviewers Meet - http://www.reviewthebook.com - Become a Book Reviewer or Get Your Book Reviewed, Join Today!

Author
Michael T. Hanley, CPA
Publisher
Legwork Team Publishing

3 Review Copies Left

Tax planning is a key element in running a successful business. An effective tax plan for a business owner can be as valuable as an effective business plan.
Effective Tax Planning for the MicroBusiness is devoted to tax savings, tax deferral, and tax planning strategies for the small business owner and self-employed individual with $1 million or less in annual sales/revenue. These strategies have been boiled down into their key elements and presented in a simple, easy-to read format.
As part of the “30 Minutes With…” book series, this book is meant to be read in 30 minutes. The “30 Minutes With…” series was designed to fill the needs of a fast-paced world in which time is the most valuable commodity. The goal of the series is to present existing information in a concise format, giving readers a comprehensive overview of a topic in a single 30 minute reading session.

Reviews

Good Basics for the small business owner.

Michael Hanley is a CPA and he gives good basic definitions and explanations that will help the small business owner. He uses the term “micro business” which can apply to any businesses with $1 million or less in annual sales revenue. This is a great tool because the small business owner usually learns by hindsight! In my case, my business grew fast and my accountant hadn't prepared me for the tax problems I incurred. It was nice to grow but it would have been nicer to incorporate in the year I got hit with taxes. As a small business owner, you can be lost in the shuffle of bigger accounts if you don’t select the right type of accounting and tax counsel suited to your company. I hope this book will help other small businesses be aware of effective tax planning. It can help you be more versatile in your discussion with an accountant or CPA; as well as help you identify what corporate structure best suits your company or business for tax purposes. Preparation and strategy can go a long way.

He focuses on the importance of taking advantage of tax opportunities in the current year. He identifies ways for you to defer taxes to future years and how to select the best business structure for your entity. Hanley talks about lending to your business whether it is a sole proprietorship, C or S corp., or LLC, and he explains the tax pros and cons of each structure. He briefly touches on accelerated depreciation and how to take advantage of it.

Do you know what the AMT is? He explains the “alternative minimum tax.” I liked how he spent time giving examples of what constitutes a tax deduction for “on premise employee meals.” Many small businesses employees don't punch out for lunch and this was good bonus information.

The author provides an extensive glossary of accounting terms and definitions that will be useful to any small business. This is a good basic primer and I look forward to his future series of information.

I was given a complimentary review copy as a member of the www.ReviewtheBookteam.

Reviewed on 04/13/2011 by ReviewTheBook.com Member Kathleen Albertson

Small book, big impact.

I received this book for review the day of the infamous "Tax Day." How appropriate. Even though I do work with an accountant and use Quickbooks, I still found some of areas referred to in the book that I'm not clear on and need to discuss with him. I also got a deeper understanding of some of the areas such as "Selecting the Best Business Structure." When I first started my business I qualified as a sole proprietor and remained as such. After reading Hanely's chapter on this aspect I certainly do have more questions for my own accountant to see if I should remain in that classification or if there are advantages of becoming an LLC or a corporation. As well, the glossary of terms is extremely helpful.

The best part of Hanley's " Minutes with...A Certified Public Accountant: Effective Tax Planning for the MicroBusiness" is it is extremely concise. What others say in two or three chapter he says in one or two paragraphs. It's not about how many pages the book has, it's about giving clear, concise information, and that's exactly what Hanley does. I truly believe this book would be extremely helpful for anyone starting a small business, or in one. It would positively urge the reader to look at aspects in their own business and discuss them with their accountants.

Categories

ReaderViews.com

30 Minutes With...A Certified Public Accountant: Effective Tax Planning for the MicroBusiness

Reviews

Reviewed on 04/13/2011 by ReviewTheBook.com Member Kathleen Albertson

Reviewed on 04/17/2010 by ReviewTheBook.com Member Irene Watson

Review Your Books!

Receive Updates