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Planning taxes for small business minimize tax liability

9 Tax Planning Strategies to Minimize Tax Liability 

By Tax Advice

Business owners typically have significant goals to achieve each year, beyond the essential goal of simply surviving. Those goals can include hiring high-potential employees, preventing employee burnout, retaining employees, improving productivity, cutting costs, improving customer service, strengthening marketing effectiveness, finding financing opportunities, growing the business, and increasing profitability. The ultimate goal is to pay for all costs and make a profit. Making a profit is impacted by strategies to minimize tax liability.  Why Businesses Should Minimize Tax Liability  Business tax liability is…

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Small business owner going through financial books calculating how much should set aside for tax time

How Much Should My Small Business Set Aside for Tax Time?

By Tax Advice

If you’re not sure how much your small business should set aside for tax time, you’re not alone. This is one of the most frequently asked questions from small business owners. If you need help with the financials of your Cincinnati-based business, let Orcutt and Co. help. We specialize in payroll services, bookkeeping, accounting, and tax prep. In this article, we’ll explain how you can determine how much to set aside for tax time. 3 Steps to Save for Tax Time…

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Small business owner happy looking at paperwork tax forms filing receive a tax refund

Can Your Small Business Receive a Tax Refund?

By Tax Advice

Everyone loves to receive a tax refund and, as a small business owner, you may be wondering if it’s possible for your small business to receive one. The simple answer is yes, it is possible for a small business to get a refund. However, it’s not guaranteed and may not be likely depending on your specific business. In order to increase your chances, you need to understand how tax refunds work and how you can increase deductions to decrease income. If…

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7 Ways to Decrease Your Small Business Taxes

By Tax Advice

Every small business owner in the United States is required to pay taxes. The exact amount varies based on your business structure and the state you are in, but this is one of the largest business expenses you will have. On average, small businesses pay a 19.8% tax rate. In addition to being one of the largest expenses, it’s also one of the most important. If you don’t pay your taxes or you pay them late or inaccurately, the consequences could…

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