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The following tax strategies may be used by small businesses to save taxes. If you are not using any of these strategies you are probably paying too much in taxes.
1. S-Corporation Filing Status.
2. Hiring your Spouse or Kids.
3. Participating in a Retirement Plan.
4. Participating in a Health Insurance Plan.
5. Taking the Domestic Production Activities Deduction if Applicable.
6. Taking the SC reduced Rate for Businesses.
7. Taking Bonus Depreciation.
8. Taking the FICA Tip Credit if Applicable.
9. Participating in a Health Savings Account.
10. Sponsoring Education Assistance for Your Children Over the Age of 21.
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