12. The Most Overlooked Way for Business Owners to Save Money on Taxes

24/08/2023 10 min

Listen "12. The Most Overlooked Way for Business Owners to Save Money on Taxes"

Episode Synopsis

It seems like business owners are always looking for ways to save money on taxes. Running a business takes a lot of time and effort and you want to keep as much of your hard-earned money in your pocket as possible.
Business development, growing revenue, increasing profit margins, and identifying opportunities are top priorities for business owners to be successful.
Unfortunately, that means that an extremely important part of proper business management is often ignored: bookkeeping.
Good bookkeeping, in my estimate, is the most overlooked way for business owners to save money on taxes. As a business owner, if you don't do good bookkeeping, you could be paying hundreds or even thousands of dollars more in tax than you should.
Your business expenses directly reduce your taxable income.  If you
'forget' about some expenses because you haven't tracked well, then you'll end up paying more in taxes than you need to.
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