top of page

Reduce Your Taxes This Year: Tips For Small Business Owners

One of the biggest challenges that small business owners face each year is making sure that they pay as little in taxes as legally possible. The last thing you want when you run your own business is to make tax time even more stressful than it already is, but there are plenty of things you can do to reduce the amount of tax you have to pay on April 15th and throughout the year, too.

Reducing your tax liability will allow your business to retain more of its hard-earned profits, so that you can reinvest them in your business and increase your chances of future success. If you’re feeling overwhelmed by your taxes, this article will provide some helpful advice on how to pay less in taxes for your small business.

Here at Tideland Consulting, our mission is to help up and coming entrepreneurs keep their hard earned money so they can grow their business even more. Use these simple tips from our team of trusted consultants to reduce your taxes this year.

Maximize Your Deductions

One hard-earned way to save money on taxes is to not only maximize, but also optimize all of your deductions. You’d be surprised with how many deductions you can take out as a business expense.

Some deductions you can look into include:

  • Traveling

  • This can include gas mileage!

  • Marketing

  • Office Supplies

  • Education and Training

  • Retirement Plan Contributions

  • Charitable Contributions

  • Startup Costs

  • And many more!

When you deduct an expense on your tax return, you’re lowering your taxable income and therefore reducing your tax liability. By doing so, you’re reducing the amount you owe to the IRS each year which means you have more money to invest back into your business.

Hire A Family Member

If you hire a family member for your company, you can skip out on a lot of employer taxes such as FICA and FUTA, ideally a spouse or even your children (given that is justifiable for them to work for your business).

Use Freelance Workers

Consider hiring a freelance or an independent contractor for your small business, as you can still receive excellent work without nearly as much of a tax burden, such as employment or healthcare costs.

Work With A Tax Expert

Hands down, the best way to minimize your taxes is to work with a tax professional that knows all the tips and tricks. Our experts at Tideland Consulting will work with you one-on-one and will help you come up with a thorough plan for your taxes.

Remember, working with a company like Tideland Consulting won’t cost you money, it will save you money. Click here to book your consultation with one of our experts, and get the future of your business planned out.

9 views0 comments
bottom of page