The home office deduction can be a valuable tax planning strategy for small business owners who work from home because it allows them to deduct expenses related to using a portion of their home for business. (Photo: DimaBerlin/Adobe Stock)
As tax filing season approaches, small business owners inevitably start thinking about how to reduce their business taxes. From taking advantage of available credits and deductions to timing revenues and expenses, there are many year-end tax planning strategies that can help reduce your overall tax burden. Here are five strategies every small business owner should consider in order to lower their tax burden and keep more money in their pockets.
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Consider a tax status change
As a small business owner, you have several options for structuring your business. You can
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