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Tax burden__What can business do when it's high.
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[QUOTE="Mikes smithen, post: 304950, member: 90053"] There are several legal ways that businesses can reduce their tax obligations from the government. Here are some strategies. Businesses can claim various deductions on their tax returns, including business expenses such as rent, salaries, utilities, and office supplies. It is essential to keep accurate records and seek the advice of a tax professional to ensure that all eligible deductions are claimed. Also, Businesses can reduce their taxable income by contributing to retirement plans such as 401(k)s, IRAs, and SEP plans. These contributions can be deducted from taxable income, reducing the overall tax obligation. Tax credits are incentives provided by the government to encourage certain behaviors, such as investing in renewable energy, hiring certain types of employees, and providing health insurance to employees. By taking advantage of these credits, businesses can reduce their tax obligations. Businesses can depreciate the value of assets over time, which can reduce taxable income. This includes equipment, buildings, and other tangible assets that lose value over time. Last but not the least, businesses can consider restructuring the business, businesses can restructure their operations to take advantage of tax benefits. For example, converting from a sole proprietorship to a limited liability company (LLC) or S corporation can provide tax advantages. [/QUOTE]
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