Create a business tax strategy that will save you time, energy, and money Understanding taxes is an essential part of any small business. Now more than ever, small business owners need to know about business deductions, writing off business assets, and the tax consequences of business decisions. This book has information on all aspects of taxes for a small business owner, from choosing 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 businesses without getting into trouble with the IRS.Getting your tax matters on track will free up your time to do what really counts: run a profitable business. Tax Savvy for Small Business shows you how to: deduct operating expenses deduct travel, vehicle, and meal expenses take advantage of tax credits write off long-term assets compare business structures keep solid business records, and handle an IRS audit. This completely updated edition of Tax Savvy for Small Business s covers tax rules under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, how those rules affect small business owners, and practical tax information every small business owner needs to know to set up and run a business.