Good business owners work hard to grow their companies---but when tax season rolls around, many find themselves in panic mode. The truth is, most businesses are overpaying in taxes without even realizing it. What if you could legally save tens of thousands of dollars with the right tax strategy?On this episode of Become Sensible, we’re diving deep into the essential tax strategies every business owner needs to know. I break down the most common mistakes that lead to overpaying taxes and share a step-by-step playbook to ensure you're maximizing deductions, choosing the right business structure, and paying yourself in the smartest way possible. Plus, I reveal the key retirement and savings accounts that could significantly reduce your tax burden.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps:3:33 - Why understanding your tax return is crucial  5:00 - Step 1: Tax assessment---how to get a clear snapshot of your finances  9:39 - Step 2: Choosing the right business structure to minimize taxes  13:18 - S Corporation benefits and when to use it  14:51 - Why rental properties should not be in an S Corp  15:42 - When a C Corporation makes sense for your business  17:24 - The impact of business structure on raising funding and selling a business  19:57 - Step 3: Maximizing deductions and the importance of bookkeeping  21:51 - Home office deductions, travel write-offs, and depreciation strategies  23:30 - Step 4: Paying yourself strategically to avoid over-taxation  25:48 - The dangers of W-2 salary miscalculations in an S Corp  27:18 - C Corporation taxation and dividend strategies  29:09 - Step 5: Leveraging retirement accounts and HSAs for tax benefits  31:15 - How retirement contributions can save 20-25% on your tax bill  32:57 - Why an HSA is a "triple tax benefit" and how to use it Hosted on Acast. See acast.com/privacy for more information.

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