What’s better than a free lunch? Free. Money. Well, in our case, pre-tax money. Tip #1 today – the key to tax planning is to spend as much as you can of your pre-tax money. Tip #2 – make sure to separate your business money from your personal money. Tip #3 – document your business expenses.
Many business owners forget that some their business assets have interest that can be claimed on their tax returns. These interest payments can make a huge difference for business owners, especially sole proprietorships. It’s in your best interest to claim the interest.