Taxes for small businesses can be confusing and, as a small business owner, you likely have several questions: How much do I pay? Why do I have to pay this amount? How can I reduce taxable income? Finding ways to lower your taxable income legitimately and avoiding pitfalls are important activities that can have great returns: lower taxes for your small business. Unfortunately, many small business owners overpay on their taxes by missing out on certain deductions or managing their businesses and retirement savings in a way that is not efficient for tax purposes. Considering the U.S. tax code is roughly 70,000 pages long, it’s understandable why small business owners and even accountants have trouble navigating it. Read more ……
