Introduction to Small Business Tax Strategies

Compare the four main small business structures—sole proprietorship, LLC, S corporation, and C corporation—across tax implications, liability protections, and operational complexities to choose the right fit.

Learn how a limited liability company protects owners with liability protection while allowing profits to pass through to personal tax returns, avoiding double taxation and optionally electing S corporation taxation.

Discover how a sole proprietorship offers simplicity and pass-through taxation by reporting income on your personal return via Schedule C, while exposing personal assets to unlimited liability and self-employment taxes.

Leverage s corporation liability protection with pass-through taxation. Pay yourself a salary and take remaining profits as dividends not subject to self-employment tax.

Explore how a C corporation acts as a separate legal entity with strong liability protection, faces double taxation, and enables capital-raising through stock, stock options, and venture capital.

Learn how to maximize small business deductions, including home office, vehicle, equipment, meals, travel, and entertainment, while choosing between simplified and actual methods and keeping precise records.

Explore the home office deduction for small businesses, including eligibility as the principal place of business and the simplified and actual expense methods to maximize deductions.

Compare the standard mileage rate and the actual expense method to deduct vehicle costs for business use, track miles and expenses, and pick the most tax-saving option.

Understand how payroll taxes are calculated and paid, including FICA, Social Security and Medicare, FUTA, and state taxes, and learn tools to stay compliant and avoid penalties.

Explain how to calculate and manage fica and futa taxes, covering Social Security and Medicare contributions by employer and employee, the additional 0.9% Medicare tax, futa credits, and payroll deadlines.

Explore how tax-efficient employee benefits, including 401(k) plans, health savings accounts, and fringe benefits, lower your business's tax burden while boosting employee compensation.

Implement year-end tax planning by deferring income, accelerating expenses, maximizing retirement contributions, and claiming credits to reduce taxable income and strengthen your financial footing for next year.

Follow the year-end tax filing checklist to verify income, organize deductions with receipts, and meet IRS forms and deadlines to minimize tax liability.

Defer income to the next tax year by delaying invoices to lower taxes. Accelerate deductions with year-end purchases and maximize retirement contributions to reduce taxable income before the filing deadline.

Advance your tax strategy by enrolling in the next course on tax planning for freelancers, focusing on managing freelance income and maximizing deductions for home, office, and travel.