Small Business Tax Strategies: Smart Moves to Keep More of Your Profits
- Our Impact Team
- Feb 27
- 3 min read
As a small business owner, every dollar counts. One of the smartest financial moves you can make is implementing tax strategies that minimize your liabilities and maximize your profits. Proper tax planning ensures you are not overpaying the IRS and helps you retain more of your hard-earned money.
Tax Strategies
Choose the Right Business Structure
Your business entity determines your tax obligations. The right structure can significantly reduce your tax liability.
Common Business Structures:
Sole Proprietorship: Simple but exposes you to self-employment taxes.
Limited Liability Company (LLC): Offers flexibility in taxation and liability protection.
S Corporation (S-Corp): Allows business owners to avoid self-employment tax on a portion of income.
C Corporation (C-Corp): Best for larger businesses but comes with double taxation.
Smart Move:
Consult with a tax professional to determine the best structure for your business to optimize tax savings.
Check out our One Pager to know What Business Type is Right for You.
Take Advantage of Business Deductions
Maximize Retirement Contributions
Leverage Tax Credits
Defer Income and Accelerate Expenses
Hire Family Members
Keep Proper Financial Records and Work with a Tax Professional
How We Can Help
Proactive tax planning is essential for maximizing profits and minimizing liabilities. At Loomis Reddick & Bishop, we are dedicated to helping small business owners navigate tax laws, identify deductions, and implement smart tax-saving strategies.
Contact Us
Contact the Loomis Reddick & Bishop Impact Team today for tax guidance and tailored financial strategies!
Don’t let high taxes eat into your profits—start planning today and keep more of what you earn!
We Transform Your Vision Into Reality, Empowering You to Thrive & Go Further Faster!
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