Tax Tips For Small Business Owners:

  1. Elect how the Internal Revenue Service, IRS, will tax your Limited Liability Company, either as a S-Corp or as a C-Corp.

  2. If as a pass-through entity, such as a S-Corp, and you have employees or subcontractors, pay yourself a portion of your income as an employee to save on self-employment tax.

  3. Pay expenses with pre-tax income.

  4. Deduct travel from your pre-tax income as a business expense.

  5. Consider making your family members owners of the company. This could lower your income tax rate.

  6. Purchase rental property. Gain assets while reducing your income through depreciation.

  7. Purchasing commercial property for your business. Deduct expenses while increasing assets

  8. Deduct the full purchase price of a truck that weighs over 6,000 lbs.

  9. Consider a 1031 real estate exchange to defer taxes when selling properties through a business.

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