What Strategies Can Entrepreneurs Use to Minimize Tax Liabilities?
Entrepreneurs can adopt several strategies to minimize tax liabilities: 1. Deductions: Leveraging business expenses such as office supplies, travel, and utilities. 2. Credits: Taking advantage of available tax credits, like the Research and Development Tax Credit. 3. Retirement Plans: Contributing to retirement plans which can provide tax benefits. 4. Entity Structure: Choosing the right business structure (e.g., LLC, S-Corp) to optimize tax outcomes.