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| Owning a business presents numerous opportunities for you to reduce your tax bill by having the business pay for things -- for example, family health benefits, a retirement plan, and perhaps even some of the expenses of owning a home, a car, and a computer -- things you would otherwise have to purchase on your own.
As a small business owner, your primary concerns are usually expressed in terms of maximizing your revenue, minimizing your expenses, and ultimately, improving your bottom line. There are limits to how far you can go with these strategies and numerous rules to follow and records to keep making sure you stay within the parameters the IRS will permit. But if you become aware of the rules and the techniques that work in your favor, you can save a lot of money. When it comes to taxes, however, the goal is usually the opposite: to defer income or receive it in tax-favored forms such as capital gains or employee benefits, to maximize your expenses by making sure you claim every deduction you're entitled to, and to minimize your taxable net income. The income tax issues faced by your business are organized around seven key issues: |
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