For nearly 30 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and tax advisers. The 2026 edition for preparing 2025 returns as well as tax planning for 2026 has been updated to include law changes from the One Big Beautiful Bill Act (OBBBA), as well as certain prior legislation, court decisions, and IRS pronouncements. As has been my practice with each edition, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead.
Why small business owners need this book
If you’re like the vast majority of small business owners (about 90%), you use a CPA or other tax pro to prepare your business returns. You may even work with tax experts on specific matters, such as inventory management, payroll, and succession planning. That’s great, but for small businesses, continually asking for advice on every matter that comes up can be too pricey.
It’s my belief that whether you’re just starting out or have been running your business for a long time, all small business owners need to be informed about taxes and can’t rely solely on tax professionals. The reason: owners, not their accountants, software, or AI, run their businesses and make decisions impacted by taxes on a daily basis.
- What are the tax differences for entity types (e.g., S corporation versus LLC)?
- Should you hire employees or engage independent contractors?
- How much should you pay yourself and how to do it?
- Should you buy or lease equipment?
- Should you go green, which may entitle you to special tax deductions or credits?
- What type of financing should be used to start or grow a business?
- Who should own the truck—the owner or the company?
- What is the best way to write-off the cost of equipment and machinery?
- What are the consequences of offering your employees a particular type of health care arrangement, or opting not to offer any medical coverage?
- Which is the best retirement plan for you and your staff?
- What are the tax implications of various other employee benefit plans and how do you offer them without messing up and incurring penalties?
- What are the tax and practical implications of operating a business from home?
- What happens if you operate in more than one state or have more than one business?
You may get information from your tax pro that’s helpful to your business. But you can also educate yourself by reading my book—without incurring professional fees. At a minimum, you’ll be able to ask your CPA or other tax adviser the right questions to protect your business and cut your tax bill.
And if you want to DIY, there’s a new chapter in the 2026 edition explaining IRS resources to help you manage the tax responsibilities for your business.
Why tax professionals need this book
As a tax pro, I’m assuming you are aware of tax rules impacting clients that are small businesses and their owners. The book goes beyond tax rules to provide a holistic approach to various matters that will help tax advisers provide the best guidance for clients. For example, it’s one thing to understand the tax implications of debt versus equity financing, but it’s another to appreciate the practical implications of these choices of which clients should be made aware.
The book also reflects new law changes from the One Big Beautiful Bill Act. Because of the number and complexity of the changes affecting 2025, tax professionals can benefit from additional guidance and perhaps new perspectives.
What the book includes
In addition to reflecting all cost-of-living adjustments to various limitations and eligibility requirements for tax breaks and new law changes effective for 2025 (and becoming effective in later years), the 2026 edition also includes:
- “Looking ahead” boxes to alert you to rule changes effective starting in 2026 or later so you can plan ahead.
- Special topics, such as multistate operations, sideline businesses, succession planning, and special considerations for the year in which a business starts or closes, are explained in basic terms.
- Sample forms and schedules as well as various checklists. The sample forms and schedules aren’t intended for filing since nearly all taxpayers now e-file, and the necessary forms and schedules are part of your or your preparer’s software used for tax return preparation. But they give you an insight into the information you need to give your tax return preparer or have on hand for yourself in order to complete your tax return (e.g., a VIN number if you purchased a new or pre-owned EV from a dealer by September 30, 2025, that may entitle you to a credit, and a time-of-sale report if you “sold” the credit to the dealer).
While the book primarily focuses on federal income taxes, it includes information on federal employment and excise taxes, as well as some state and local tax matters. It lists information returns that businesses may be required to file, plus when and where to do it. And it discusses how to deal with the tax professionals and the IRS.
What’s to come
The tax law doesn’t stand still. There are always new laws, cases, and rulings that arise after the publication of the book. Congress may also enact additional tax legislation, such as an extension of the work opportunity tax credit set to expire on December 31, 2025. To update readers, there’s an online supplement to explain last-minute developments that could impact 2025 returns and tax planning for 2026 and beyond. The supplement is free and should be posted early February 2026 on my website as well as on JKLasser.com.
Interacting with readers
Each year I receive emails from readers asking questions, suggesting future topics to include, and sometimes pointing out errors. I’m very grateful for these communications, which helps me continually improve the book and provide valuable assistance to small business owners. If you have thoughts on the book, please email me at [email protected].
Mark your calendar
The final estimated tax payment is due:
- Calendar-year C corporations: December 15, 2025
- Owners of pass-through entities: January 15, 2026
Calendar-year partnerships, multi-member limited liability companies, and S corporations must file their 2025 federal income tax returns by March 15, 2026 (or request an extension). Owners of pass-through entities as well as calendar year C corporations must file their 2025 income tax returns, as well as pay their first installment of estimated taxes for 2026, by April 15, 2026 (or request an extension). There are extended due dates for victims of federal disasters.
Final thought
My book goes on sale on Amazon on December 9, 2025. But you can pre-order the book now. I thank you.
