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Expert Strategies to Add to Your Small Business's Playbook This Tax Season

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Leaders at nationwide payroll company Gusto explain how small business owners can leverage tax credits, use smart payroll tools and be proactive about compliance changes to avoid penalties and maximize savings.
The article from MSN Money outlines several expert strategies for small business owners to optimize their tax situation during the tax season. Key points include understanding and leveraging tax deductions like home office expenses, travel, and equipment purchases; staying updated with the latest tax laws to ensure compliance and take advantage of new benefits; meticulous record-keeping to substantiate deductions; considering hiring a tax professional for complex situations; exploring retirement plans like SEP-IRA or SIMPLE IRA to reduce taxable income; and planning for quarterly estimated tax payments to avoid penalties. The article emphasizes proactive tax planning, suggesting that business owners should not only focus on current year savings but also plan for future tax implications, ensuring they are making informed decisions that could benefit their financial health in the long run.

Read the Full Entrepreneur Article at:
[ https://www.msn.com/en-us/money/small-business/expert-strategies-to-add-to-your-small-business-s-playbook-this-tax-season/ar-AA1ADBDW ]