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2 Tax Issues to Consider as We Near Year-end
If you are a small business owner, as most realtors and many mortgage brokers are, every penny of your income counts. This means that you not only want to maximize your revenue, but also minimize your expenses while still taking advantage of all available deductions and tax credits. This of course results in a lower overall tax liability. Unfortunately, most entrepreneurs are not aware of the tricks and tools available to them and end up paying far more taxes than they should. After many years working with hundreds of self-employed people, the two biggest opportunities we see many taxpayers miss are discussed below.

CHANGING YOUR TYPE OF TAX STRUCTURE
When you started your business, one of the first decisions you needed to make was whether you wanted to operate as a sole proprietor, partnership, LLC, S corporation or C corporation. Most of us start out as single-member LLC’s, but as more time goes by, the initial reasons for structuring our business the way we started may no longer be in our best interest from a tax perspective. There is no requirement that we stick with the business structure we initially chose.
Changing your tax structure could result in tax savings of thousands of dollars—even ... more

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