Accounting strategies that can help reduce a tax burden are welcomed by all small business owners, and while the following tips are all viable, you’d be wise to discuss them in detail with your tax advisor, as naturally, each business has its own unique requirements: Discuss possible equipment deductions with your tax professional: For new or used equipment for your business that’s placed into service before the year ends, you… Read More
Archives for December 2020
Small Business Owner Tax Tips – Part One
Reducing your tax liability as a small business owner, is doubtless a priority for you, and understandably so. Thankfully, there are a few tax strategies that you can discuss with your tax advisor to minimize your tax liability now, and for the coming year: Deduct 20% of your qualified business income While this may apply to your business, it isn’t automatic, and you’ll need to talk with your tax advisor… Read More