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Small business owners often overpay their taxes. It is not surprising. After all, U.S. tax law is incredibly complex. That complexness leads to missing out on year-end tax planning methods that can lower a business owners taxable income and allow them to keep more of their hard-earned earnings. To know more visit here https://www.beyondaccountant.com/tax-planning-preparation-fairfax-va
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Six Small Business Year-End Tax Planning Moves to Make Now Small business owners often overpay their taxes. It is not surprising. After all, U.S. tax law is incredibly complex. The IRS estimates that business taxpayers spend, on average, more than 10 hours dealing with taxes, including recordkeeping, planning, and completing and submitting tax forms. To help make the next tax season less, well, taxing, here are a few tax planning strategies offered by tax preparation companies:- Give to Charity Claim Bonus Depreciation Establish a Retirement Plan Claim the Employee Retention Credit Contribute to a Health saving account Postpone Income and Accelerate Expenses