Minding Her Own Business: The Self-Employed Woman's Essential Guide to Taxes and Financial Records, 4th Edition

Reviewer's Bookwatch, March, 2005 by Peter Hupalo

A great chapter focuses on IRS audits and what to expect if you're audited. We learn that your chances of being audited is very low. Zobel writes: "In reality, only a small percentage of people are audited each year. Just 1.91% of all Schedule C filers were audited in 2003--but this was nearly triple the rate for other taxpayers. Those who believe their income is too small for the IRS to care about may be surprised to learn that in 2003, 3% of sole proprietors with gross receipts below $25,000 were examined."

I think every new business owner who isn't already familiar with business taxes should get a copy of Minding Her Own Business. I highly recommend this book to both men and women, especially entrepreneurs who plan to operate as sole proprietors or as one-member LLCs. Because the book is updated for 2005, I recommend people who own previous editions also acquire a new edition for current information about one-person 401(k)s and other changes affecting entrepreneurs.