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Private practice owners tend to have low overhead costs. That's great, right? The issue is that the more profitable you are, the more you will owe to the IRS. It's feels like a win/lose situation, doesn't it?
The good news is that there are some tax strategies you can implement in your business that will benefit you AND legally lower your tax bill. Make sure to check out my FREE Tax Saving Strategy Guide for Private Practice Owners for in depth explanation of these tax strategies. Here is a summary of overlooked tax strategies:
Turning a vacation into a business expense - That's right, you can go on vacation AND write it off on your tax returns
Hiring children - If you have children, you are in luck. You can reduce your taxable income AND pay your children tax free? Yes! This is legal and a great strategy for saving on taxes
S-Corp election - I've said this over and over again, and will continue to say it! An S-Corp election will save you so much on self-employment taxes. There are costs associated with the transition, so make sure you don't jump the gun too early
Don't forget to download my FREE Tax Saving Strategy Guide for Private Practice Owners for an in depth explanation of these strategies and how you can make them work for you. All you have to do is CLICK HERE!
Are you ready to minimize your tax bill legally? Schedule your free 15-minute confidential strategy session with me ---> linktr.ee/jeanetteandrada
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