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Learning from a good small business tax guide can help you avoid problems with your tax return and save money. Here are a few possible ways that you could save on your small business taxes.
Year-End Tax Preparation
Instead of waiting until the new year to start worrying about taxes, start planning at the end of the previous year for your upcoming taxes. Check your books and see if there is any way that you could increase your expenses, or decrease income. For example, you could buy some extra supplies or equipment that you are going to need for next year a little early. You may also be able to defer payments from your debtors for a month, until the new year, if you have enough cash flow.
Contribute to Retirement
Something else that you may want to consider is contributing to a retirement account for your employees. For example, if you have a 401k for your employees, you can contribute money to their retirement plans for them in the form of matching contributions. The money that you put into the retirement plan for the year is going to be tax-deductible. Therefore, you can lower your tax bill and make your employees happy at the same time.
