The end of the year is fast approaching, and you know what that means: taxes! Business owners all over the country are turning to advisors for tips on how to save money. You’ll hear that you should sell under-performing stocks and spend all the money in your flexible spending account. But as a small business owner you have far more money-saving strategies at your disposal than those old standbys!
Most business owners must complete their payroll by year’s end, and many business owners wait until the last minute to do this. This can be a flag for a potential IRS audit. If you’ve already done your payroll throughout the year, this is the time to adjust it to the proper amount based on your net income. One payroll trick that is often overlooked is putting your kids on the payroll. If you pay them for services they provide for your business, it can be a great tax-saving goal. The same goes for putting your spouse on the payroll. If you’re thinking about purchasing a vehicle in the near future, consider buying it before the end of the year. A large truck or SUV could land you a deduction of up to $25,000! Get more great tips for saving money on your 2015 taxes below!
Read the full article here: 10 Year-End Smart Tax Strategies for Business Owners