Tax Deductions: 7 Tax Savings Strategies for Small Businesses

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Tax Deductions and Credits You Can Use to Reduce Taxes

The Internal Revenue Code is set up to provide numerous tax breaks to individuals and businesses alike. Even the IRS acknowledges that you must keep some money to live on and with which to run your enterprise.

Some small business tax savings strategies, like timing income and expenses, must be accomplished before the end of the tax year. But others, such as funding a retirement plan, can be done at any time before you file your tax return.

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Tax Deduction Limitations

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Tax Deduction Limitations of IRC Sec. 199A for Financial Professionals

Final regulations from the Internal Revenue Service (IRS) may impact the application of pass through income deductions for financial professionals. The Tax Cuts and Jobs Act (TCJA) is one of the most sweeping tax changes in 35 years. It provided major tax benefits for financial services businesses along with lower taxes for many individuals.

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