Small-Business Owners, Here`s What You Need to Do to Reduce Your Taxes During Biden`s Presidency

Joe Biden will likely begin working on his promise to raise taxes in his first 100 days. So how can you plan now to reduce or avoid the proposed tax increases? Biden promised to avoid tax increases on anyone with less than $400,000 of income, so that amount becomes your new goal for taxable income when investing and tax planning, regardless of your actual income or cash flow.

• Set up your business as an S corporation...
• Consider reinvesting in your business or other tax-incentivized activities...
• Develop a comprehensive tax strategy with a good CPA...

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RSK: Some good information here to save you tax dollars. Of course, consult your tax accountant or CPA.