The Top 6 Books on Tax and Bookkeeping for Small Business Owners

A quick Google search on missed tax deductions will bring up articles listing anywhere from seven to as many as 50 commonly missed tax deductions. Indeed, the tax code’s extreme complexity makes it highly likely that small business owners will miss tax deductions that could reduce their obligation, enabling them to reinvest more money in growth and operations.

Need help with taxes?

As a small business owner, you can educate yourself in addition to consulting a tax professional to help ensure that your bookkeeping and tax preparation is well-suited to ensure that you claim all the deductions your organization is entitled to. Below you will find six of the top tax and bookkeeping books for small business owners.

1. Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble

Authored by a C.P.A. (Certified Public Accountant), this book is written for the small business owner or self-employed professional. The author covers a wide range of topics including best practices for bookkeeping and taxes, financing, finding a good business location, pros and cons of various business models and more written in clear, easy-to-understand language.

This could be an ideal book for someone who is preparing to open their own business or whose business is still in its early phases since it provides guidance that can help with many of the decisions that new business owners face.

2. Taxes: For Small Businesses QuickStart Guide – Understanding Taxes For Your Sole Proprietorship, Startup, & LLC

Small business owners represent a variety of business models. This book is an excellent guide for sole proprietors, independent contractors and startup LLC business owners that want to gain a broad understanding of how the tax code applies to their organization. Some of the topics covered include:

  • How to keep accurate records
  • When and how to handle payroll taxes
  • Frequently-missed deductions
  • Common tax mistakes small business owners make
  • How to handle contact with the IRS

This book is available in print and digital formats and is even available for free to members of Amazon’s Kindle Unlimited program. It also has the advantage of being concise and brief, delivering a lot of useful information to small business owners very quickly.

3. Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less

Another book that is free to Amazon Kindle Unlimited members and written so that the information contained in it can be quickly absorbed, this book acts as an introductory primer on tax topics as they apply to business; such as:

  • Home office deductions
  • Estimating tax payments
  • Self-employment taxes
  • Business retirement plans
  • Common business tax deductions
  • Audit protection and preparation

The book’s author, Mike Piper, is a C.P.A. in Colorado who has published numerous other books on finance, and whose writing has been featured in acclaimed digital and print publications including The Wall Street Journal, Money Magazine, AARP Magazine, Forbes, CBS News, MarketWatch and others.

4. J.K. Lasser’s Small Business Taxes 2016: Your Complete Guide to a Better Bottom Line

For small business owners that want to gain a deep understanding of small business taxes, this guide authored by Attorney Barbara Weltman (nationally recognized as an expert in small business taxation) offers a comprehensive look at small business taxes that is up to date with 2016 information. The book is described as a “solution manual for streamlined tax time and substantial tax savings” that will allow readers to:

  • Simplify the tax season so they can remain focused on their business
  • Reduce tax obligations easily and legally
  • Find the answers that are most relevant to their organizations
  • Better understand when and how deductions should be taken

Small business owners looking for answers to specific questions should check out The Tax and Legal Playbook written by CPA and Attorney Mark J. Kohler. This book “answers the leading tax and legal questions facing small business owners, across all stages of business…”

In it you will find information about how to choose the right legal entity for your business as well as under-utilized tax and legal strategies that can generate substantial savings. It also covers common legal scams and deceptions and provides information about how to protect small business and personal assets.

6. 475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs

With 475 tax deductions outlined as potentially beneficial for small business owners and self-employed professionals, this book might be the ultimate collection to assist in business tax preparation. Read it cover to cover to familiarize yourself with all the deductions that a business could take or consult it when you have questions about specific topics.

Even if you are working with a C.P.A. or tax professional, educating yourself on the taxes and deductions that might apply to your small business could lead to significant savings and help ensure your organization’s bookkeeping and taxes are being done according to best practices. What you learn could keep your business out of trouble and enable you to reinvest more of the revenue it generates in growth and operations.

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