Everyone hates paying taxes. Everyone wants to pay less in taxes

Unfortunately, most business owners don’t know how to find tax-deductible loopholes, so they merely accept things as they are. Some business owners are already working with great CPAs who are amazing at preparing tax returns but don’t know how to help their clients minimize their taxes.

Just when you started to have fun in your business, the new tax law comes along take away all the fun deductions from your business expenses. One of the benefits...

If you operate your business as a professional service provider where your clients rely on your expertise to provide service, here, I am talking all lawyers, doctors, accountants ...

There are several ways that young families that own businesses can benefit from the tax law, increase their tax deductions, and also have more cash in their family bank account. The great news is, you can get this done tax-free. 

With the high cost of health care, business owners need to ensure that they are maximizing their deductions by implementing the right steps to claim 100% of their expenses incurred for healthcare. You are eligible to utilize the self-employment insurance premium deduction on your individual income tax return (Form 1040). 

Self-employed individuals are eligible to utilize the self-employment deduction on their individual income tax return (Form 1040). They are also able to deduct the amount paid for medical and dental insurance and qualified long­ term care for your family.

 Most people are unaware of another type of tax return fraud, where the tax preparer files a return on your behalf, but claims inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions. 

Business entity selections are not only important for start-ups, but also for more mature businesses. The more complex a business gets, the more flexibility may be needed in order to maximize tax savings. 

Tax planning provides a way for business owners to keep more of the money they earn. The key to tax planning is knowing the right deductions that will work for your unique tax situation. For example, getting an S-corporation election one of the most common tax planning strategies to lower self-employment tax.  

Self-employment tax can be a nightmare for owners of limited liability companies (LLCs) and independent contractors. During tax season, they incur a larger than expected tax bill due to self-employment taxes. LLCs are the most common form of business because they are easy to establish. If one person owns an LLC, it is referred to as a single member LLC (SMLLC).

One of the greatest struggles of business owners is cash flow preservation - keeping more of the money they make. Being strategic about how and when to purchase supplies, pay taxes and how to claim charitable deductions can affect the amount of annual income or profit claimed, and therefore the amount of taxes owed. 

There are many ways that small business owners can save on their taxes if they take action before year-end. So why do most business owners leave tax planning until the new year when it is a little too late? As a business owner, you work hard to earn your money, but it is not the amount of money you earn that counts - it is how much of that money you keep.