By: Tradeudhaar.com
Keep meticulous records of all business expenses to claim maximum deductions.
Contribute to retirement plans like SEP IRAs or Solo 401(k)s to lower taxable income.
Research and claim applicable tax credits, like those for research and development or hiring certain employees.
Strategically time when you receive income and pay expenses to optimise tax liability.
Utilise Section 179 or bonus depreciation to deduct the cost of qualifying assets.
Evaluate whether changing your business entity structure can offer tax advantages, such as transitioning from a sole proprietorship to an S corporation.
Employ family members in the business to shift income and possibly benefit from lower tax rates.
Regularly review tax laws and regulations to ensure compliance and identify new opportunities for savings.