This guide, Tax Savvy for Small Business, aims to provide a comprehensive understanding of tax strategies for small business owners, covering topics from basic deductions and record-keeping to more complex issues like business structures, fringe benefits, retirement plans, and handling IRS audits. Authored by tax attorneys, the book explains federal tax laws and offers guidance on navigating various aspects of small business taxation, including different business entities like sole proprietorships, partnerships, LLCs, and corporations. It emphasizes the importance of accurate record-keeping and understanding deductible expenses while also addressing potential pitfalls such as IRS audits and common tax errors. Furthermore, the resource touches upon state and local taxes, and provides information on selling or closing a business, and dealing with situations where taxes cannot be paid.

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