| If you can stay dedicated throughout the year, perform | | | | implement, remember these five important aspects: the |
| basic accounting, keep excellent tax records, your tax | | | | type of income you are going to create, your asset |
| benefits can be substantial! | | | | protection needs, where you are doing business, |
| Tax Strategy #1 | | | | partnership issues and administrative requirements. |
| Create a Small Business! Creating a Small Business will | | | | Your goal is to set up the correct entity, at the right |
| allow you to consider tax deductions such as standard | | | | time and in the right place. |
| business expenses such as accounting, advertising, | | | | Tax Strategy #3 |
| banking, consulting entertainment, legal, marketing, | | | | Hire a tax practitioner that understands your specific |
| meals, parking, postage, salaries and travel fees | | | | business and its needs! It is absolutely crucial that the |
| expenses) as well as automobile insurance, business | | | | tax practitioner you hire can coordinate your tax |
| development, interest on loans, professional dues, | | | | planning with your legal planning. It is critical that |
| capital expenses, company equipment, medical | | | | appropriate time is taken to strategize the method that |
| expenses, seminars, trade shows, work related | | | | you are going to take. Interview different tax |
| educational expenses and many more! | | | | practitioners until you find the right one that meets your |
| Tax Strategy #2 | | | | needs. Some of the factors you should keep in mind |
| Avoid unnecessary complications! It is relatively easy | | | | when interviewing are: tax knowledge, qualifications, |
| to implement a business structure, whether that is a | | | | guarantee, stability, accessibility and cost. |
| sole proprietorship, partnership, limited partnership, | | | | Last, but certainly not least, remember to continue to |
| limited liability company (LLC), corporation (for-profit), or | | | | learn and understand the fundamentals of tax planning! |
| nonprofit corporation (not-for-profit.) When considering | | | | This will assist in your goal to save more taxes, time |
| what type of business structure you want to | | | | and professional fees! |