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The following small business "Tax Tips" describe ten ways you, as small business owner, can implement strategies designed to minimize your business' income tax liability, and "Make Your (business) Life Tax Deductible":
Tax Tip #1: Your Car
Deduct the entire cost of purchasing, operating and maintaining your car - that is applicable to business usage
Tax Tip #2: Your Equipment
Create a special equipment deduction of up to $105,000 every year
Tax Tip #3: Your Family
Pay your children tax-free dollars that your business can deduct
Tax Tip #4: Your Travel
Deduct 100% of all business travel, including round-trip airfare – even when your trip is not all business
Tax Tip #5: Your Entertainment
Deduct 50% of your meals, concerts, season tickets to sporting events and other entertainment costs that are either directly related to, or associated with, a business purpose
Tax Tip #6: Your Home
Write-off a portion of your home, plus 100% of your other business deductions
Tax Tip #7: Your Retirement
Invest dollars pre-tax and let them grow tax deferred…invest dollars after-tax and let them grow tax-free forever
Tax Tip #8: Your Form of Organization
Select the proper form of organization to minimize your business and personal income tax liability, as well as sheltering you (as the owner of the business) from personal liability exposure
Tax Tip #9: Your Self
Create tax-deductible fringe benefits, such as health care, insurance and transportation
Tax Tip #10: Your Strategic Issues
Use certain current year tax deductions to reduce prior and future years' taxable income
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