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3 Smart Tax Strategies For Small Businesses To Avoid Overpayments

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Learn more about the 3 ways your small business overpaid in taxes last year and how to avoid overpayment this year.
The article by Cindy McGhee on Forbes, published on April 24, 2025, discusses smart tax strategies for small businesses to avoid overpaying taxes. It emphasizes the importance of understanding and utilizing tax deductions and credits, such as the Qualified Business Income Deduction (QBID), which can significantly reduce taxable income. The article also highlights the benefits of choosing the right business structure, like an S corporation, to minimize self-employment taxes. Additionally, it advises on the importance of keeping meticulous records, planning for quarterly estimated tax payments, and consulting with a tax professional to navigate complex tax laws and maximize savings. The piece concludes by stressing the need for proactive tax planning throughout the year to ensure small businesses retain more of their hard-earned money.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/cindymcghee/2025/04/24/avoid-overpaying-in-taxes-smart-tax-strategies-for-small-businesses/ ]