If you are a travel enthusiast my guess is that you will be constantly searching travel sites to find cool places to visit, or you could be wondering why you never have time to travel and promise yourself that something will change soon.

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.

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.  

For most business owners the best part of tax season is getting large deductions to lower their tax bill. A tax deduction is a decrease in taxable income based on business spending or use of resources. But what happens, when a business owner doesn’t understand how much they can deduct? 

For most business owners, their business is their retirement plan. So, what do you think would happen if they cannot work as much as they used to, or if they could not work for a while? Let’s face it; a business may not be the best retirement plan, but it is a great funding source for one.  

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.