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Understanding Small Business Taxes

(How to increase your deductions, reduce what you owe, and boost your profits!)

 

by: Kevin R. Minkoff, CPA – Not Your Ordinary Bean Counter

 

 

How tax savvy a businessperson you are has a great effect on how much money is in your pocket at the end of the year. You probably know that the tax code allows you to deduct costs of doing business from your gross income. What you are left with is your net business profit. This is the amount that gets taxed.

So knowing how to maximize your deductible business expenses lowers your taxable profit. To boot, you may enjoy a personal benefit from business expenditures -- a nice car to drive, a combination business trip/vacation, a retirement savings plan -- if you follow the myriad tax rules.

This seminar won’t burden you with a lot of tax code. Kevin will discuss:

·        Getting organized – The Internal Revenue Service demands documentation. Here's a look at

     the paperwork you need to complete your return, and how to record the information simply and

     easily.

·        Knowing your deductions – Take full advantage of all of the deductions the law allows; and learn how to avoid making the “common tax mistakes.”

·        Federal and state income tax is just the beginning – Having a business in Gateway means Multnomah County Income Tax, City of Portland Business License Fee, Multnomah County Personal Property Tax, and others.