2016 Tax Savings Strategies for Business Owners

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With year-end approaching, there is still time for business owners to implement action items that could reduce corporate or personal tax liabilities. Here are some strategies that could save you money.

Implement and fund a retirement or profit sharing plan

Business owners can claim a tax deduction for contributions to fund retirement and profit sharing plans on behalf of employees or owners for calendar year 2016. While most plans don’t have to be funded until the tax filing deadline to claim the deduction, most plans should be implemented and in place before the end of this calendar year.

Purchase and place fixed assets …read more

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