From the course: Taxes for Small Business
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Strategies for reducing taxable income
From the course: Taxes for Small Business
Strategies for reducing taxable income
- Reducing your taxable income is possible and legal. Many of the ways you do it are good for your business. Some of these we discussed might be right for you. In my experience as both a corporate executive, and later as a business owner, I've had trusted relationships with my financial partners, CFOs and controllers in my former life, and especially accountants now as a business owner. The following tips should be considered alongside advice from your accountant or tax lawyer as what is legal and expected in some countries, may be considered tax fraud in another. Here's a checklist to use as a starting point. Are you taking advantage of deductions? In many countries, most business expenses are deductible from gross income. The impact of which is that you have a smaller revenue base that's taxable. Just make sure that you're making the right deductions for you. Sometimes, that could be a choice to make that's not super-clear. For example, if you have vehicles as a part of your cost…
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