© 2013

Tax Strategies for the Small Business Owner

Reduce Your Taxes and Fatten Your Profits

  • Authors

Table of contents

  1. Front Matter
    Pages i-xi
  2. Before the Business Opens

    1. Front Matter
      Pages 1-1
    2. Russell Fox
      Pages 3-18
    3. Russell Fox
      Pages 19-31
    4. Russell Fox
      Pages 33-44
  3. Day-to-Day Expenses

    1. Front Matter
      Pages 45-45
    2. Russell Fox
      Pages 47-52
    3. Russell Fox
      Pages 53-61
    4. Russell Fox
      Pages 63-73
    5. Russell Fox
      Pages 75-84
    6. Russell Fox
      Pages 85-92
    7. Russell Fox
      Pages 93-103
    8. Russell Fox
      Pages 105-122
  4. Employees, Payroll Taxes, and Benefit Plans

    1. Front Matter
      Pages 123-123
    2. Russell Fox
      Pages 125-144
    3. Russell Fox
      Pages 145-161
    4. Russell Fox
      Pages 163-178
    5. Russell Fox
      Pages 179-187
    6. Russell Fox
      Pages 189-199
  5. Other Items

    1. Front Matter
      Pages 201-201

About this book


Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits  will help the small business owner increase profits while feeling more comfortable dealing with taxes. It begins by looking at the often overlooked critical decision small business owners face when they start a business: the choice of business entity. The book then examines all the deductions that a business owner can take legally to reduce taxes. It also provides advice business owners need to make good tax-related decisions: Should I lease or buy? Should I hire an employee or outsource the task? How much will buying a building reduce my taxes and for how long?

Many people freeze up when they are forced to prepare or even think about taxes. Some receive a notice from the IRS and put it aside: They’re too scared to open it! Yet taxes for the most part follow common sense rules. You just need to know what they are and how they affect your decisions. In this book, readers will learn about the different business entities, the different taxes you must deal with (primarily income taxes), documentation procedures, how to work with a tax professional, how to handle an audit, and, in general, how to use the U.S. Tax Code to your advantage. Among other things, readers learn to take full advantage of tax benefits and avoid potholes hidden in things like:

  • Startup and ongoing expenses
  • Cost of goods sold
  • Depreciation
  • Payroll 
  • Retirement plans
In short, Tax Strategies for the Small Business Owner will not only help you relax when you deal with your taxes—it’ll show you how to use tax law to your financial benefit.

About the authors

Russell Fox is an Enrolled Agent, a federally licensed tax professional. He s the founder and a principal at Clayton Financial and Tax and has been in the business since 1999. His tax practice (both preparation and representation) serves nearly 1,000 clients with emphases in small business and gambling. His tax blog,, has been named one of the ten best accounting and tax blogs. Previously, he was in financial and operations management for 15 years working in various industries, including agriculture, telecommunications, and high-technology. He s also the co-author of three books on poker. He resides in Las Vegas, Nevada.

Bibliographic information

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