Tax saving

[Man_oj]

How to save tax for business people??

 

[CA Sunil Chahal]

How to save tax for business people??

Depends , atleast give details what business doing what is your income or turnover etc

 

[TaxWiser]

How to save tax for business people??

As a business owner, there are several strategies you can use to save on taxes specifically. Excluding general tax savings tips like 80C & 80D including ELSS mutual funds, nps, ssy, apy, insurance, loans etc.
Here are some essential tips:

• Keep Organized: Maintain a separate bank account for business transactions and use bookkeeping software to track expenses. Being organized ensures you capture all deductible expenses.
• Hire a CPA or an Enrolled Agent: Consider working with a licensed tax professional. They can help you navigate complex tax rules and identify opportunities for savings.
• Make Estimated Tax Payments: Small business owners should estimate and pay income taxes quarterly. Stay on top of these payments to avoid falling behind.
• Claim the 199A Qualified Business Income Deduction: If you qualify, this deduction can significantly reduce your taxable income.
• Pay Wages to Your Children: Employing your children in your business can provide tax benefits. Just ensure the work is legitimate and reasonable.
• Claim the Self-employed Health Insurance Deduction: If you're self-employed, deduct health insurance premiums as a business expense.
• Contribute to a Retirement Plan: Contributions to retirement plans (e.g., SEP-IRA, Solo 401(k)) are tax-deductible and help you save for the future.
• Invest in a Business Building: Depreciation on commercial property can reduce your taxable income.

Remember, tax laws can be complex, so consulting a professional is crucial. These tips should give you a good starting point!