Now more than ever, small business owners need to understand tax rules to take advantage of the many tax benefits available to them, from deductions to tax credits to retirement plans. This book teaches business owners what they need to know to make the best tax-related decisions in all aspects of their business. It is completely updated to cover new changes to the tax laws under post-COVID tax relief legislation. This book teaches business owners what they need to know about taxes for their small business and how to make the best tax-related decisions in all aspects of their business. It is completely updated to cover new changes to the tax laws under the CARES Act, including short-term changes to the Tax Cuts and Jobs Act intended to help small businesses affected by the coronavirus pandemic.It has information on all aspects of taxes for a small business owner, from how to choose the best business entity to tax deductions, recordkeeping, business losses, payroll taxes, fringe benefits, retirement plans, and much more. It provides valuable tax-related strategies and information to help small business owners save money and run their business without running into trouble with the IRS.