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11 Tax Deductions To Help Small Business Owners Minimize Their Taxes

Filing your taxes is one of the least exciting parts of owning your own business. However, your taxes on a small business can be extremely painful without proactive tax planning . Here are a few tax deductions that could help you keep more of your hard-earned money.

Keep a Lid on Social Security Taxes and Medicare Costs. Consider Roth IRA Conversions.

If you’ve become a 401(k) millionaire or amassed large sums in other tax-deferred retirement accounts, you can potentially shave your lifetime taxes by hundreds of thousands of dollars by converting part of it to a Roth IRA before you start collecting Social Security. But figuring out how much to convert—and when—is a tricky exercise.

What Relief Will The IRS Give Taxpayers This Filing Season?

The filing season recently began, and with it the public pleas intensified for the IRS to change, at least temporarily, its notice, collection, and penalty procedures.

Why Your Tax Professional Isn’t Returning Your Calls

At this point it should not be news to taxpayers that the last two filing seasons have been hard on tax professionals and that this season is not showing any signs of improvement. Still, it’s tax season and taxpayers need to be able to communicate with their tax professionals to ensure that their returns are filed timely, accurately, and most importantly this year, electronically.

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