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    1 Reply Latest reply on Oct 28, 2019 11:21 AM by SBC Team

    Reduce Taxes, keep more of your earnings

    nationwide68 Wayfarer

      As we close in on the end of this year, all Self-Employed / Small Business owners should start to focus on minimizing there IRS/ STATE Tax Bills.

      The best way to reduce one taxes is to say Tax Compliance. This will save you on the penalties and interest charged by the IRS/ STATES .

      Three areas to which will give the biggest saving are.

      (1) Getting your bookkeeping in order, every $100 of expense is worth $30 in tax savings.

      (2) Look to invest in yourself, open a SEP account and put some money in,.

      (3) Look at any major expenses which will be due in 2020 put can be paid in 2019.

       

      Remember, the penalties and interest can be up to 25% of the amount owed.