Have you ever wondered about the best books on taxes to learn how to get the most money back? Well, the first step is to learn the basics of filing taxes and understand what deductions you can make.
How can I get the most money on my taxes is the question every business owner and individual asks every year.
There are a few simple steps to take in order to maximize your deductions and credits, thereby reducing the amount of taxes you owe and possibly even resulting in a refund or larger return on your investment.
In order to learn about taxes, check out the following best books on taxes.
From Small Business Taxes for Dummies by Eric Tyson to LLC Beginner’s Guide by Steven Carlson, here are 18 answers to the question, “What are some great book recommendations for small business owners on taxes?”
So let’s get started!
18 Best Books on Taxes for Business Owners
Here are the best books on taxes for business owners:
Small Business Taxes for Dummies by Eric Tyson
I have owned my business for 15 years, and my least favorite part of doing business is all the financials.
Years ago, my accountant recommended Small Business Taxes for Dummies; it wasn’t the most exciting thing I have ever read, but it really helped me to understand the terminology the accountant was using and gave me a great understanding of the tax system.
The author designed the book with business owners in mind and shows all the newest tax deductions in my business simply that any business owner can understand.
If you’re a business owner who wants to learn more about taxes without feeling overwhelmed, this is the perfect book for you.
Evan McCarthy, President and CEO, Sporting Smiles
Small Time Operator by Bernard Kamoroff
The best book on taxes, Small Time Operator by Bernard Kamoroff, is a popular choice because it provides a comprehensive overview of tax rules and regulations in easy-to-understand language, as well as practical advice on how to maximize deductions and minimize tax liability.
The book covers everything from setting up a business to handling audits and includes many real-world examples and case studies.
Overall, Small Time Operator is valued for its practicality and accessibility, making it the best choice for both new and experienced business owners.
-Timothy Woods, Director, Carnivore Style
Tax Savvy for Small Business by Frederick W. Daily
From my point of view, this book is a fantastic resource for proprietors of small businesses who want to negotiate the complicated world of taxes.
This book addresses a wide variety of issues, such as audits, record-keeping, retirement programs, and deductions.
Frederick W. Daily, the book’s author, has practiced tax law for over three decades.
The book has straightforward language and provides real-world examples and case studies that business owners can use to reduce their tax liabilities.
-Gerrid Smith, CMO, Joy Organics
1001 Deductions and Tax Breaks by Barbara Weltman
There is not a business owner who does not want to find every deduction possible to save on taxes, and the book 1001 Deductions and Tax Breaks provides information on all of them.
Most business owners know basic deduction practices such as business equipment and other related expenditures, but many do not know about the less identifiable ones or items that can count toward deductions in multiple ways, and this is what Barbara Weltman covers in her book.
Whether it is deductions on insurance, equipment depreciation, affiliated expenses, or even the taxes themselves, this book provides every single possible deduction from the most obvious to ones you never dreamed would be a write-off.
For business owners who are looking to save every penny they can on their tax liability, Barbara Weltman’s book is a must.
-David Derigiotis, CIO, Embroker
Your Income Tax by J.K. Lasser
What I like about this book is that it covers a range of different business owners, from brick-and-mortar shop owners to self-employed freelancers.
It stays up-to-date yearly, so you know you are getting valid advice, especially in the 2020s, when there have been so many temporary tax credits that will expire or have expired for the first time in two years.
The language is also casual, which I appreciate since there’s nothing more boring than a tax book!
-Colin Palfrey, CMO, Crediful
Lower Your Taxes – Big Time! by Sandy Botkin
From the compelling title to the author’s humorous writing style, Lower Your Taxes – BIG TIME! deserves a spot on every business owner’s bookshelf.
Not only does it share practical ways to save money on tax fees, but it also teaches entrepreneurs the proper method to document business deductions without violating the tax code.
It also offers top tips on how an individual can start a home-based business while maximizing their business income and minimizing tax payments.
Botkin has first-hand years of experience working for the IRS, so he knows exactly the ins and outs of the tax world.
Reading his book will be worth your time, as it allows you to learn unconventional ideas to manage your business and protect your profits in the long run.
-Allan Stolc, Founder, Bankly
Deduct It! Lower Your Small Business Taxes by Stephen Fishman
I feel this book offers small business owners sound, actionable advice on how to get the most out of their deductions and pay the least amount of taxes possible.
Tax breaks for working from home, paying for a vacation, and saving for retirement are just a few of the many areas it explores.
Stephen Fishman, the book’s author, is a tax attorney and a specialist in managing small businesses.
The guide is straightforward and contains practical examples that might aid business owners in understanding the tax system.
-Andrew Priobrazhenskyi, CEO and Director, Discount Reactor
J.K. Lasser’s Small Business Taxes 2023 by Barbara Weltman
This is one of the best books on taxes because the author understands tax commitments are issues that need to be dealt with every day, not just when it comes time to fill in your returns.
She uses her book to provide the planning strategies you will use throughout the year.
Weltman provides detailed information to help you identify possible write-offs, advise on new laws, discuss court decisions, and make common mistakes that business owners often make.
Besides the book, you get free access to an online supplement with regular updates from the IRS posted.
-Colin Palfrey, CMO, Crediful
How to Pay Zero Taxes by Jeff A. Schnepper
This book is popular for a reason, helping taxpayers lower their taxes owed to the IRS for decades.
It offers readers information on hundreds of tax credits, deductions, and exemptions available to them, written in plain language that is accessible to everyone.
You can learn to navigate the tax code like a pro and, with updated versions released every year or two, ensure you are staying up-to-date to maximize your annual potential tax savings.
-Jack Underwood, CEO and Co-Founder, Circuit
Independent Contractor, Sole Proprietor, and LLC Taxes Explained by Mike Piper
This valuable book covers a lot of very beneficial aspects of filing taxes including hiring independent contractors.
The author discusses home office deductions, which can be very significant information. Business owners can gain knowledge about estimated tax payments and self-employment taxes.
This book will give them an idea about tax payments as sole proprietors and balance sheets.
This book also reflects credible business retirement plans. It can give business owners insight into common business tax deductions.
It also talks about beneficial aspects, like audit protection and tax preparation.
-Spencer Reese, CEO, Military Money Manual
475 Tax Deductions for Businesses and Self-Employed Individuals by Bernard B. Kamoroff
For any business owner, understanding taxes is essential for success.
Bernard B. Kamoroff’s 475 Tax Deductions for Businesses and Self-Employed Individuals is an invaluable resource to make tax time more manageable.
This book helps readers navigate the complicated landscape of allowable deductions so that they can take full advantage of their most tax-advantaged deductions, credits, and activities.
It’s complete with easy summaries and in-depth guidance on new laws and court rulings, making it a reliable source of information during times of transition or uncertainty.
Given its comprehensive yet thorough look at tax deductions and the clear outline provided by Kamoroff on how to maximize savings, this book ensures business owners remain knowledgeable about their financial state without wasting time sifting through endless information.
It’s a complete guide from tax pros.
-Benjamin Okyere, Founder and CTO, Stress Reliever
Corporate Taxation: Examples and Explanations by Cheryl D. Block
Many tax books are excellent at providing tax codes and laws, but they fail in showcasing real-life and understandable examples.
Block does a masterful job of explaining all the ins and outs of business taxes, from LLCs to large corporate models.
In addition, accompanying almost all tax codes are examples of their real-life application, giving the reader a full understanding of the results of their implementation.
For those looking for a text that simplifies explanations and breaks from the normal complex explanations of business tax codes, Block’s book is a brilliant choice.
-Alexandre Bocquet, Founder and CEO, Betterly
The Tax and Legal Playbook by Mark J. Kohler
CPA and Attorney Mark J. Kohler presents a detailed analysis of the new tax and legal structure that allows you to apply taxation in your business strategically.
In his book, The Tax and Legal Playbook, he simplifies the complex changes in the tax rules after the enactment of The Tax Cut and Jobs Act of 2017.
This is by far the most significant tax reform in over three decades, and reading the book gives you a comprehensive understanding of how the new tax law works.
Kohler covers every facet a business owner needs to know about building wealth, protecting assets, and saving on taxes.
He also uses real-world examples to help you carefully examine your business needs, execute cost-effective asset protection techniques, and leverage underutilized business tax deductions to optimize your net profit.
-Riva Jeane May Caburog, PR and Media Coordinator, Nadrich & Cohen
Tax Year Diary by Ashley Log Books Prints
There are lots of tax books that will help you identify strategies and tips to help you with your taxes.
However, my recommendation is still a book, but more of a logger rather than an advice book, has come tax return time, while many business owners know the strategy or their accountants do; the biggest challenge is usually finding all the documents, receipts, and paper trail of the businesses’ dealings for that year.
This book is clear and concise and allows you to note and track your revenue and expenses throughout the year, so when the time comes, you can hand it over to your accountant or indeed work your magic on it yourself.
Taxes need not be so taxing.
-David Lewis, CEO and Founder, Monegenix
Tax-Free Wealth by Tom Wheelwright
Discovering this book helped transform my relationship with taxes and Wheelwright helped me to reframe my whole concept of taxes.
I had always assumed that the purpose of tax laws was to separate me from my hard-earned dollars. However, I learned the intention of tax laws is to help people reduce their payments.
Once I realized this, I felt positive, empowered, and motivated when tackling taxes.
Instead of seeing tax laws as intimidating, or a necessary but dull aspect of my work, I saw the potential improvements I could make to my business by using the strategies outlined in the book.
Wheelwright’s work is innovative, inspiring, and engaging. His writing style is clear and concise, offering actionable insights and a wealth of information.
This book is full of helpful, relevant, and realistic advice from someone who clearly knows what they’re talking about. It’s a must-read for business owners.
-Kathy Bennett, CEO and Founder, Bennett Packaging
Small Business Taxes Made Easy by Eva Rosenberg
Tax Mama herself, Eva Rosenberg wrote this book and it not only comprehensively covers tax laws and filing procedures, but it also provides readers with valuable tips when dealing with small business taxes.
The book covers all the technical and legal aspects of dealing with small business taxes.
Topics include understanding the basics of tax laws and regulations, including tax law changes and how they might affect your business.
This makes it a great resource for first-time business owners who have no prior experience with small business taxation.
This book also provides great tips on topics like tax planning strategies, tax deductions, record-keeping, and tax-filing tips to help small business owners avoid inconveniences and legal pitfalls on their taxes.
Small Business Taxes Made Easy is a must-read for any first-time small business owners who want to learn about tax laws and tax filing.
-Jonathan Merry, Founder, Moneyzine
LLC Beginner’s Guide by Steven Carlson
This book gives you insight into launching an LLC and the tax advantages that come with it, as well as what to view as a liability.
It includes tips on how to choose which state to register your LLC in, as the wrong choice can have an enormous impact on taxes.
Overall, it provides everything a small business owner needs to know about filing taxes as an LLC.
It includes general accounting strategies that help you manage bookkeeping and financial statements and records like a seasoned pro.
-Peter Reagan, Financial Market Strategist, Birch Gold Group
1-Hour LLC Formation Service (with a Business Lawyer)
If you are looking to form an LLC for your business, schedule a “done with you” or “done for you” service here.
Dealing with the IRS: Proven Strategies to Reduce and Resolve Your IRS Tax Debts by Mike Ornelas
This book shows you how to deal with the IRS, especially in the case of a tax audit.
It is one of the best taxation books out there that offers practical advice on basic principles of tax law on a wide range of topics.
You will learn great options you have available to you as a business owner even if you have no clue about taxes or tax preparation.
It is an easy-to-read book that also shows you how to lower your income taxes and reduce your tax debts.
FAQ on the Best Books on Taxes
Here are answers to the most common questions about the best books on understanding taxes. Also check out 18 most critical questions to ask a lawyer when starting a business.
What is the best book to learn about taxes?
Check out the best books we mentioned above. Save them as your quick reference guide during tax season.
What are the most overlooked tax deductions?
The most commonly overlooked tax deductions include the following:
1. Home office expenses
If you use part of your home for business purposes, you may be able to deduct a portion of your rent and utilities as a business expense.
2. Charitable contributions
You can claim a deduction for money or property donated to a qualified organization.
3. Medical and dental expenses
You can deduct the cost of medical and dental expenses that exceed 7.5% of your adjusted gross income.
4. State taxes paid
You can claim a deduction for any state or local taxes that you pay during the year, including sales tax, income tax, and real estate taxes.
5. Student loan interest
You may be able to deduct up to $2,500 of student loan interest paid during the year.
6. Self-employment taxes
If you are self employed, you can deduct your self-employment tax from your taxable income.
7. Investment expenses
You may be able to deduct certain expenses such as brokerage fees and advisory fees related to investments.
8. Business travel expenses
You may be able to deduct certain business-related travel expenses, such as airfare and hotel stays.
9. Job search expenses
You can deduct certain job search expenses, such as resume writing services or the cost of attending a job fair.
10. Moving expenses
If you move due to a job change, you may be able to deduct certain moving expenses.
These deductions can help reduce your taxable income and save you money on taxes. Be sure to check with your tax preparer or accountant to determine which of these deductions apply to your situation.
Who is the most reasonable tax preparer?
The answer to this question really depends on a few factors, such as your specific tax needs and budget.
It’s important to do some research before deciding on a tax preparer, so you can make sure the right one is chosen for your situation.
A great way to start searching is by asking friends or family who they have used in the past, so you get an idea of who they would recommend.
Reading online reviews and checking out the credentials of potential preparers can also help narrow down your choices.
When it comes to finding a reasonable tax preparer, look for one that offers quality services at a fair price.
Ask about their fees upfront and compare them to other preparers.
Also, make sure the person you choose is reliable and has experience with your particular tax situation.
Finally, make sure they are up to date on all relevant tax laws and regulations so that you can be assured of an accurate return.
How can I get the most money on my taxes?
There are a number of ways to maximize your tax refund, but it ultimately depends on your individual tax situation.
Some common strategies include:
-Claiming all eligible deductions and credits
-Adjusting your withholding so that you don’t have too much or too little taxes withheld from your paycheck
-Making estimated quarterly tax payments if you’re self-employed or have other sources of income
-Taking advantage of retirement contribution deductions
-Considering a Roth IRA contribution if you qualify
-Reviewing your filing status to ensure that you are taking the most advantageous option for your circumstances.
Learn more in this affordable CPA solution course.
Final Thoughts on Taxation Books
Reading a new book on taxes can be quite beneficial for business owners to understand the various rules and regulations associated with taxation.
It helps in understanding the basics of filing taxes and can also provide the right information on how to maximize deductions and minimize tax liabilities.
Additionally, it can help you stay organized and up-to-date with all the current changes in tax law.
At the same time, it is important to consult tax professionals to make sure that you are filing taxes correctly and in accordance with the law.
A good tax book can provide you with a better understanding of the taxation system and provide tips for success, but ultimately it is up to you as a business owner to ensure that all your filings are compliant with local and federal laws.
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This was a super helpful post!!!
Thanks, Deanna! Glad this post helped you 🙂