*Ostroff, Fair and Company>>>Other Taxes

How can I minimize business tax?

Besides the obvious of having more expenses than revenue you can try a sub-s corp. A sub-s will allow you to pay yourself a salary and benefits. You do get taxed on the profits as a pass-through. This also would allow you to setup SEP-IRA or other pension benefits and the corp would contribute.

claim as much as you can...
I understand that the majority of business owners including huge corporations tend to lie a lot. Then if and when they are caught they get a smart lawyer to negotiate it down and pay some extremely lower amount than they actually owe.

The best part is you can get us poor working slobs to pay a fair tax that includes what you cheated on in the first place.

Thank you very much, my kids will be somewhat short changed on the young lives because I am paying your taxes. But then what would you care about that. You'll be doing alright.

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