However, before you do so, you’ll want to make sure you use a reimbursement plan that meets the IRS requirements. Despite other tax cuts that were part of the Tax Cuts and Jobs Act of 2017, this tax, which was intended to help pay for Obamacare, is still in effect. For example, you’ll avoid the 0.9% additional Medicare tax on earned income if your AGI does not exceed $200,000 (single) or $250,000 (married filing jointly). Many tax breaks, limitations and additional taxes tee off of adjusted gross income (AGI) or modified adjusted gross income (MAGI). So, what are some ways to lower taxable income? Here are some of the best tax strategies for small businesses. Strategies, you can save money on taxes while making your life easier during tax season. tax code is roughly 70,000 pages long, it’s understandable why small business owners and even accountants have trouble navigating it.Īre many complexities to deal with when trying to minimize your tax bill. Unfortunately, many small business owners overpay on their taxes by missing out on certain deductions or managing their businesses and retirement savings in a way that is not efficient for tax purposes. How to Minimize Taxes for Small Businesses If you’re looking for the best ways to reduce taxable income, keep reading. ![]() Small business taxes can be confusing and, as a small business owner, you likely have several questions: How much do I pay? Why do I have to pay this amount?
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