The essential tax-strategy book for entrepreneurs who call themselves "boss." Named a "Best Tax Book" by Entrepreneur Knowing the ins and outs of the tax code is vital to the health of every small business. Virtually every decision a business makes has tax consequences that can affect its bottom line -- and the IRS is always watching. Tax Savvy for Small Business provides valuable strategies that will free up your time and money for what counts -- running your business, and running it effectively. It explains how to: -deduct current and capitalized expenses -write off up to $108,000 of long-term assets each year -compare different business structures -take advantage of fringe benefits -keep records that will head off trouble with the IRS -get tax breaks from business losses -deal with payroll taxes -negotiate payment plans for late taxes -handle an audit -get IRS penalties and interest reduced -maximize retirement funds -use retirement funds as a tax break Completely updated, the 10th edition of Tax Savvy for Small Business provides the latest tax breaks, rules, forms and publications. You'll also find a list of the top 25 business deductions – the best deductions to take and how to claim them.