Chapter 19

Mastering Small-Business Taxes

In This Chapter

Managing your business taxes and maintaining sound financial records

Identifying and managing your tax bracket

Understanding employee tax issues

Using sensible tax write-offs

Choosing a tax-friendly corporate entity

One of the more painful aspects of owning your own business is the amount of time you have to spend on doing tax-related bookkeeping chores and on completing and filing numerous tax forms. In addition to federal income tax requirements, most states assess income taxes, and as we discuss in Chapter 18, some local governments levy taxes on small businesses, too. This chapter is all about helping you understand small-business taxes.