From the Chicago Tribune Owning a small business By Stephen D. Froikin Special to the Chicago Tribune Owners of small businesses are audited much more frequently than taxpayers who don't own businesses. So it could pay to be a little extra careful when you file your return. At the same time, don't overlook deductions to which you're entitled. No one gets a medal for paying too much.
Taxes are an expense of doing business.
Businesses are terribly diverse, so there are thousands of things you can do. Here are a few to get you started. If that's not enough, check out the taxes section of the Business Owner's Toolkit , which is found on the Web site of CCH Inc., a publisher of tax and business information located in north suburban Chicago. Keep good books and records If you get called for an audit this will save you. It's good business practice anyway.