Proven Tax Reduction Strategies for Sole Proprietors

10/14/2019

If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes.

Let’s start with the following 10:

Health insurance a tax-favored business
Hire your children
Avoid self employment tax.
Rent from your spouse to save self-employment taxes.
Increase vehicle deductions and also turn personal home expenses into business expenses.
Tax-deductible fringe benefits.
Home office in combination with certain vehicles.
Business Trips
Seven Day Travel Rule
Smartphones

If one or more of these look good to you, or you want to implement a Proactive Tax Plan, let’s talk about how to make them work.

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Important Disclosures

Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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Author

Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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