Small Business Tax Tips
Product Review – Wayne M Davies’ Tax Reduction Toolkit
Product Review – Introduction
Product Review – What I liked
Product Review – What I didn’t like
Product Review – Best Features Summary
Table of Contents – Seven Sections – 29 Tax Tips
Final Comments and Pricing (under $40)
Suggested Books & Reference URLs
Preview the ‘Tax Reduction Toolkit’
Product Review by Mike Matthews
Introduction
The author of the ‘Tax Reduction Toolkit’ is Wayne M
Davies. He is a Tax Professional
serving small businesses and self-employed individuals and also provides small
business tax tips on his web site.
To start, this product is specifically designed for the small business
or self-employed individual who want (or need) small business tax tips. If you plan to become self-employed (even
part-time), then this is a helpful product review. However, if you are not currently self-employed and you don’t
plan to become self-employed, then this product review won’t provide many tax
tips that will benefit you.
If you’re like me, I enjoy learning and I am constantly
looking for small business tax tips.
In most years, I use Intuit’s Turbo Tax to complete my own
taxes and this software helps identify potential deductions. I’ll also surf the Internet for
small business tax tips and I have purchased a few books on this subject from my local
bookstore. I’ve never used an ebook from
the Internet, but I was surprisingly pleased with this ebook from Wayne M
Davies.
While the 140+ page ebook contains seven sections, the main
benefit of this ebook is the section that describes the 29 specific small
business tax tips. One of the
most important points is a self-employed individual can take advantage of many
tax saving opportunities that a regular employee cannot utilize. Wayne’s book provides many different
interesting charts and data points and one of the most interesting is that
Americans spend about 32% of our total income on taxes. One of the ways to save on taxes is to
first understand how big your current tax burden is on your overall
income. His ebook, Tax Reduction Toolkit, is an easy read, well thought out and contains some solid ideas
on small business tax tips. Unlike
other articles and books I’ve read on the subject on how to save on your taxes,
Wayne’s ebook contained specific examples and describes them in layman’s
terms.
Feel free to take a sneak peek at his website before
proceeding with the review and also to make sure the pricing is still under
$40*.
What I liked:
I like his 29 specific small business tax tips. Often you’ll read materials that only give
a broad generalization on how to save money on your taxes, and they can be both
difficult to understand and even more difficult to apply to your
situation. Wayne provides 29 specific
tips on how small businesses and self-employed individuals can save on their
taxes.
He offers to critique 4 past income tax returns and
offers a free 60-minute phone consultation on other small business tax tips
as part of this package.
Wayne describes the benefits and differences between
a sole proprietor, LLC, S corporation and C corporation and why picking the
right entity is important to help you save on your taxes.
In his Tax Reduction Toolkit he provides charts
and information on items such as the chance of being audited based on your
business entity, on section 179 allowances, & retirement plans to name just
a few.
Some of the specific ideas I’ve implemented were; moving
to a S corporation versus a LLC; paying my kids to work in the business;
section 179 expenses; setting up a SIMPLE plan; making myself an employee and
using a payroll service to be on time to avoid penalties; and setting up a
‘valid’ home office which allows me to deduct more vehicle mileage.
What I didn’t like:
There were a few things that didn’t provide much benefit in
my situation and I’ve listed them below.
This ebook is only for self-employed individuals and will be
of little or no benefit to regular employees.
(It might make encourage you to start a small business, even if it is
only part-time to take advantage of these small business tips).
The section on deducting your vacation expenses wasn’t
helpful since I’ve heard about this one quite a few times. If you are unfamiliar with this potential
deduction, then this small business tax tip might help you.
The section on ‘The Substantial and Equal Periodic Payments’
was helpful if I planned to use IRA money to fund my business. Since I don’t want to consider using those
monies to fund my business, it wasn’t beneficial.
Best
Features Summary – Small Business Tax Tips
-
Easy to Read
-
29 Specific Small Business Tax Tips
-
Tax Review & Phone Certificates
-
Free ebook (The Science of Getting Rich by Wallace D
Wattles)
-
Wayne M Davies is a Tax Professional specializing in Small
Businesses
-
Reasonably priced ebook
-
Provides URLs to Free Government sources on tax information
-
Includes a 70+ Financial check-up questionnaire
-
Plain, easy-to-read information on how to save on taxes
-
Advice on using professionals versus attempting the
do-it-yourself routine
Table
of Contents
-
Four Income tax critique certificates, One phone
consultation (value $445)
-
29 Tax reduction opportunities – Small Business Tax Tips
-
9 biggest mistakes taxpayers make and how to avoid them
-
How to Audit-proof your tax return
-
Starting a business and keeping records
-
Complete Financial check-up system
-
The Science of Getting Rich (ebook)
Final
Comments & Pricing
As a reminder, this book will only benefit you if you are
currently self-employed or if you plan to become self-employed (even part-time)
in the future. Once I became
self-employed, the small business tax tips and deductions almost became a game
to see how much I could legally deduct as a business expense. Since I’ve just started the business, I
still need to further my education in this ever-increasing complex world of
small business taxes and this ebook helped.
At the price of $39.97 *, this 140+ page ebook is worth the
price. I’ve paid much more for larger
books at the bookstore and didn’t get as much practical information as I did
with Wayne’s Tax Reduction Toolkit.
If you have a very strong knowledge of tax information this book is not
for you. If you have a beginner to immediate
level of tax knowledge, then you will get enough small business tax tips to
justify (and potentially write-off) your $39.97* investment.
As with any financial purchase, make sure you take a peek
at his website and read the details before you consider purchasing this small
business tax tip product. You can also
see other small business tax tips (and personal tax related information) at the
website http://www.your-key-to-success.com/index_taxes.html.
Today is the day to take Action – not next week
Do you truly have a desire to save on your taxes or do you
just read about it and never take action.
By taking action today, you’ll probably save more in taxes
than the cost of this ebook.
Stop now, click here and visit Wayne’s site to preview his ‘Tax
Reduction Toolkit’.
Some of the other books on this subject of Small Business
Tax Tips include:
Deduct It!: Lower Your Small Business Taxes
Small Business Tax Secrets : Ultimate Tax Savings for the Self-Employed
JK Lasser's Small Business Taxes
Tax Savvy for Small Business, Sixth Edition
Lower Your Taxes - Big Time! : Wealth-Building, Tax Reduction Secrets from an IRS Insider
Click Here
for other books from Amazon on Small
Business Tax Tips
Helpful URLs
http://www.irs.gov/businesses/small/
http://www.smbiz.com/
http://sbinformation.about.com/cs/accounting/a/aa121502a.htm
Click here for other small business tax tip articles
End of
Article by Mike
Matthews
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