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Top Tax Planning Strategies

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Top Tax Planning Strategies

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  1. Top Tax Planning Strategies for Small Business Owners By uhlenbrockcpa.com

  2. Selecting the Correct Company Structure • Choosing the right company structure impacts tax treatment. • Consider factors like liability protection, administrative simplicity, and tax benefits. • Options include LLC, S-corporation, partnership, sole proprietorship, etc.

  3. Maximize Deductions • Utilize all available deductions, including business expenses. • Keep thorough records and receipts to support deductions. • Familiarize yourself with what expenses are deductible for your business type.

  4. Retirement Plans • Invest for the future while receiving tax benefits. • Options: 401(k)s, SIMPLE IRAs, SEP-IRAs. • Contributions are usually tax-deductible, reducing taxable income.

  5. Tax Credits • Explore available tax credits for small businesses. • Examples: Small Business Health Care Tax Credit, Work Opportunity Tax Credit (WOTC), Research and Development (R&D) tax credit. • Qualifying conditions can significantly lower tax obligations.

  6. Asset Depreciation • Utilize asset depreciation to your advantage. • Deduct costs associated with property, automobiles, etc. • Use this provision to deduct the full purchase price of eligible assets in the year they're put into use, with some restrictions.

  7. Thank You If you would like to learn more, please visit our website or get in touch with us.

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