If you operate your business as a professional service provider where your clients rely on your expertise to provide service, here, I am talking all lawyers, doctors, accountants ...
This may sound too good to be true, but there are ways in tax planning that you can use to receive tax-free income. With everything in the law, documentation is always the key and there is no way around property documenting transactions to be able to substantiate the transaction during an IRS audit.
Self-employment tax can be a nightmare for owners of limited liability companies (LLCs) and independent contractors. During tax season, they incur a larger than expected tax bill due to self-employment taxes. LLCs are the most common form of business because they are easy to establish. If one person owns an LLC, it is referred to as a single member LLC (SMLLC).
There are many ways that small business owners can save on their taxes if they take action before year-end. So why do most business owners leave tax planning until the new year when it is a little too late? As a business owner, you work hard to earn your money, but it is not the amount of money you earn that counts - it is how much of that money you keep.