I’m proud to say it’s the 23rd year of the original publication, and it’s all new for 2016 returns and year-round tax planning. As had been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead.
Why small business owners need a tax book
If you are like the vast majority of small business owners (86%), you use a CPA or other tax pro to prepare your business returns. You may even work with tax experts on specific matters, such as succession planning, inventory management, and payroll.
However, it’s my belief that all small business owners need to be informed about taxes and can’t rely solely on tax professionals.
The reason: owners, not their accountants or software, run their businesses and make decisions impacted by taxes on a daily basis.
Should you hire employees or engage independent contractors? Should you buy or lease equipment? What type of financing should be used? Who should own the truck — the owner or the company? What are the consequences of offering your employees a particular type of health care arrangement, or opting not to offer any medical coverage?
What the book includes
Amazon says: “Written in a straightforward and accessible style, this reliable resource offers a complete overview of small business tax planning and provides you with the information needed to make tax-smart decisions throughout the year. Focusing on strategies that help you use deductions and tax credits effectively, shield business income, and maximize other aspects of small business taxes, this practical guide will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.”
This year’s edition has more extensive coverage on the rules under the Affordable Care Act and the repair regulations. It has also been expanded to include new chapters on:
- Working with CPAs and Other Professionals
- Handling Audits with the IRS
It also has a new appendix covering tax penalties applicable to small businesses. Many of these penalties are indexed for inflation and are different from the prior year.
Of course, the new edition also reflects all of the new tax rules from legislation, cases, and IRS pronouncements impacting 2016 tax returns and 2017 tax planning.
The tax law doesn’t stand still. There are always new laws, cases, and rulings that arise after the publication of the book. Just for this reason, I prepare an online supplement to explain last-minute developments that may impact tax return preparation for 2016 and tax planning for 2017 and beyond. The supplement is free and should be posted early February 2017.
And with a new President and new Congress coming on board in 2017, there’s sure to be changes. You don’t have to wait until the 2018 edition of my book comes out to be informed. I’ll be sharing details of any legislative or other tax law changes through my monthly newsletter Big Ideas for Small Business®, twice-weekly blogs and Idea of the Day®.
Interacting with readers
Each year I receive emails from readers asking questions, suggesting future inclusions, and sometimes pointing out errors. I welcome this communication to continually improve the book and provide valuable assistance to small business owners. If you have thoughts on the book, email me at barbara@ barbaraweltman dot com.