Understanding taxes is an essential part of any small businesssmall business owners need to know about business deductions, writing off business assets, and the tax consequences of business decisions.This book provides all this information and more so business owners can make the best tax-related decisions about how to run their business. It is completely updated to cover the Tax Cuts and Jobs Act and how it affects small business owners.

Tax Basics1. Deductible Business Expenses2. Writing Off Long-Term Business Assets3. Bookkeeping and Accounting4. Business Losses and Failures5. Tax Concerns of Employers6. Sole Proprietorships--Solos, Freelancers, and Independent Contractors7. C Corporations8. S Corporations9. Partnerships10. Limited Liability Companies11. Qualified Personal Service Corporations12. Family Businesses13. Home-Based Businesses14. Fringe Benefits15. Retirement Plans16. Buying a Business17. Selling or Closing a Sole Proprietorship18. When You Can't Pay Your Taxes19. Audits20. Appealing IRS Audits21. Penalties and Interest22. Help Beyond the Book23. Answers to Frequently Asked Tax QuestionsGlossaryAppendixIndex