Reducing the amount you pay into taxes is something almost everyone wants to do. Business owners certainly have many more opportunities to legally adjust their taxable income than salaried employees. But any adjustments must be made within IRS rules.
There are so many nuances of so many possible tax-reducing deductions and other factors that there’s no single magic formula for reducing your tax bite. What applies in some cases won’t in others. And since tax laws are always changing, special deductions your business can take today may be off the table next year.
Here we offer some evergreen ideas on how you can legally pay less in taxes and hang onto the money you’ve saved. Think about which of these suggestions might fit your own situation and bookmark them for further research and discussion with your accountant.
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