Audience: This book is for small business owners who want to learn tax strategies for saving money and also understand the tax consequences of their business decisions. Useful for any type of small business owner (sole proprietor, partnership, LLC, corporation) or someone thinking about going into business and trying to decide which business entity is best for them. What is new in this edition: Includes comprehensive coverage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including changes intended to help small businesses affected by the coronavirus pandemic. Now more than ever, small business owners need to understand tax rules--including the new rules under the CARES Act--so they can take advantage of the many tax benefits available to them from deductions to tax credits to retirement plans. Comprehensive and easy to read, with lots of interesting and relevant examples that make the book easy to read and understand. Explains all the essentials like depreciation deductions, deducting losses, the 20% pass-through deduction, keeping proper records, deducting home office, and travel expenses.