What strategies are there for reducing income tax payments for small business owners?
What strategies are there for reducing income tax payments for small business owners?
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For small business owners, some strategies to reduce income tax payments may include setting up a corporation or LLC, choosing an appropriate tax structure, making smart and timely investments and deductions, utilizing retirement accounts, taking advantage of deferred compensation arrangements where applicable and planning for potential increases in income. Additionally, researching ways to minimize self-employment tax liabilities can help reduce overall tax costs for small business owners.
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What strategies are there for reducing income tax payments for small business owners?
user
There are several strategies available for small business owners to reduce their income tax payments. These strategies include establishing retirement accounts for employees, contributing to deductible savings accounts, timing the vesting of stock option grants and using loss companies to pass through earned profits.
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