What is the best way to minimize taxes on my business?
The very best way to minimize taxes on your business is to do effective tax planning. You have to think about tax consequences all the time. You also need to retain a good team of tax professionals to assist and advise you in the decision-making process. The principals of every business should get together routinely with the company’s tax advisors to develop strategies for minimizing potential tax liabilities. At a minimum, a business should hold a meeting close to the end of the business’s tax year in an effort to come up with year-end tax planning strategies. As for common strategies, a familiar concept for small businesses is to “zero out” income prior to the end of the tax year. This concept is especially important when a business is subject to being taxed as a separate entity, such as a corporation. If this is the case, the principals of the corporation may essentially be subjected to double taxation if the business must first pay corporate income tax and the owners are then subse
