Adam Witty is an Entrepreneurs' Organization (EO) member in Charleston, South Carolina, and founder and CEO of Advantage | ForbesBooks, the authority marketing specialists in working with business professionals to elevate brands and grow businesses through publishing. Adam has built the company into one of the largest business book publishers in America, serving over 1,000 members in 40 US states and 13 countries. For tax season, we asked Adam what titles he recommends:
The mark of a smart leader is surrounding him or herself with experts in their particular fields--social media gurus running digital outreach campaigns, data analysts digging through sales numbers, graphic designers creating promotional material.
But the mark of a smarter leader is understanding everything that is going on in their business.
So, while your accountant should be well-versed in the intricate, ever-changing, headache-inducing dynamics of tax law as well as the idiosyncrasies of your business, as the company's owner you should understand how accounting concepts affect your business and how best to leverage them to achieve growth.
With tax time here, I want to suggest a handful of books that might help you.
Kamoroff, a CPA, has been updating this book through 13 versions. The latest came out February 2019, so it's as up-to-date as they come. It's intended for the small or home business owner, including independent contractors and the self-employed--anyone who gets a 1099-MISC form. Kamoroff has compiled a list of 475 deductions, from internet domain name costs to theft losses to entertainment expenses, plus which deductions might raise a red flag. There's also a special section on how to deduct expenses associated with working from home. This is an easy read that should be used as a supplement to an experienced tax consultant, not a substitution.
2. J.K. Lasser's Small Business Taxes 2019: Your Complete Guide to a Better Bottom Line by Barbara Weltman
Published in November 2018, this is another resource guide that provides small business tax planning information to help business owners make tax-smart decisions. Weltman provides detailed coverage of the newest tax laws, court decisions and IRS rulings. She provides planning strategies that can help you run a tax-smart business all year long, comprehensive information on each available write-off and common mistakes that business owners make. Given the erratic state of tax law, one of my favorite perks here is that Weltman invites readers to log onto her site for IRS updates. Once again, this book provides insight but is not designed to make the reader a tax expert.
Attorney and CPA Kohler, author of What Your CPA Isn't Telling You, identifies the fundamental business and tax issues small business owners face and delivers a practical guide to help both new and established entrepreneurs work through them. The book covers such topics as the smartest small-business tax deductions, including write-offs and strategies, hiring family members for tax savings and 12 ways to stay on the right side of the IRS. Through popular case studies, Kohler presents easy-to-grasp points supported by assessment quizzes, checklists and more.
When he was training IRS attorneys, Botkin noticed the number of people overpaying because of a lack of information. This spurred him to start a business where he advises clients on how to save money come tax time. Botkin has shared it all in this book, from turning tuition, entertainment, orthodontia and other expenses into huge business deductions to taking advantage of small-business tax changes recently passed by the American Tax Cut and Jobs Act.
5. Taxation With Representation: Advice From A Tax Resolution Specialist by Patrick LeClaire
LeClaire is a certified tax resolution specialist and an enrolled agent with the IRS so if anybody can give you advice about dealing with that dreaded arm of the federal government, he can. He offers advice on how to prevent and respond to tax problems, breaking down the taxation process from the inside, so you know how to protect your business. The book is divided into three parts: Getting Informed and Prepared, Responding to "Issues," and Getting Help. LeClaire peppers what could be dry and technical information with anecdotes and personal stories. It is recommended for any business owner looking to avoid the headache of going head-to-head with the IRS.