Tax planning is very important. Creating a winning action plan will be successful and help you reduce your tax liability within the law. I would love to share some options Update your books constantly - trying to put them together when you have to file your taxes would lose valuable deductions. Get a tool / Services / Professional Development - The importance of investing in a tool to be more efficient either in your time or how to promote your business that would give you more return on investment. Tax Deductions - Section 179, Write off - Bad Debts, TCJA - QBI, Fund a Retirement Plan are only a few.
Consult with a qualified tax advisor Consult a tax professional before making any decisions that may affect your business tax return or spend money for the sole purpose of saving on taxes. Be sure to select someone who can help you all year long, not just at tax time. Note: These tips are not intended to be tax tips, they just give you some tax saving ideas. Every business is unique, and tax laws change frequently.