Hi, I’m Attorney Elizabeth Potts Weinstein. Today, we're diving into six strategies to help you reduce the tax burden on your LLC. Whether you own a limited liability company (LLC) or another type of business, these tips can help you pay less in taxes, especially if your business is turning a profit. 1. Track All Expenses The simplest yet often overlooked strategy is to meticulously track all your business expenses. Every deductible expense must be documented with proper receipts and paperwork. Small businesses, especially those operated by a single person, can become lax about record-keeping. Ensure you have a robust bookkeeping system—be it paper-based, an Excel spreadsheet, or specialized software. Keeping business and personal expenses separate is crucial. Remember, expenses like business-related purchases made on a personal credit card need to be logged accurately. 2. Shift Personal Expenses to Business Shift any personal expenses that are actually business-related...
Hi, I’m Attorney Elizabeth Potts Weinstein. Today, we're diving into six strategies to help you reduce the tax burden on your LLC. Whether you own a limited liability company (LLC) or another type of business, these tips can help you pay less in taxes, especially if your business is turning a profit. 1. Track All Expenses The simplest yet often overlooked strategy is to meticulously track all your business expenses. Every deductible expense must be documented with proper receipts and paperwork. Small businesses, especially those operated by a single person, can become lax about record-keeping. Ensure you have a robust bookkeeping system—be it paper-based, an Excel spreadsheet, or specialized software. Keeping business and personal expenses separate is crucial. Remember, expenses like business-related purchases made on a personal credit card need to be logged accurately. 2. Shift Personal Expenses to Business Shift any personal expenses that are actually business-related...
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