As the year draws to a close, there's still time to implement tax-saving strategies that can make a big difference in the size of your refund or what you owe. This is especially important for small business owners and investors who need to focus on deductions before December 31.
Mark J. Kohler, CPA, known for his expertise, emphasizes the importance of recognizing five essential deductions that individuals and businesses should claim before the year's end to reduce tax liabilities effectively.
Learn about the advantages of payroll tips for family members, which not only could provide financial benefits to your family but also may have tax-saving implications when structured correctly.
Kohler also argues that understanding how to set a reasonable salary for S-Corp owners is critical. This ensures compliance and grants owners the ability to extract funds efficiently from their businesses.
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