Stop overpaying the IRS

With the economy slowing and Washington threatening to boost audits of small businesses, it's time to rethink your tax strategy.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

money_hand.03.jpg

(FORTUNE Small Business) -- There are two proven paths to building wealth: You can increase the amount of money you make, or you can increase the amount of money you keep.

Chances are you devote abundant time and energy to the first strategy, meaning you're utterly consumed with developing new products or breaking into new markets. But the second path tends to get less consideration, particularly because one of the primary ways of keeping more money is paying lower taxes.

Taxes are painful not only to pay but to think about. Taxes are complex. Figuring out ways to shave your tax bill is not why you went into business.

But ignore the subject at your peril. In an effort to shore up a record deficit, the IRS is increasingly targeting small businesses for audits and has made no secret of the fact.

Consider 2006, when the IRS audited nearly 18,000 small companies (which it defined as those with assets less than $10 million), up from 7,000 in 2004. At the same time, many small-business owners overlook key deductions and wind up needlessly giving away hard-earned cash.

To help you make the most of your tax-saving opportunities, FSB spoke with some of the nation's top experts on small-business tax issues, who offered smart moves that are often overlooked even by sophisticated entrepreneurs: under-the-rug tax credits, record-keeping tips, audit red flags, and more.

Read it - and reap.

Find Business Answers
or
Ask a Question



Ask a Question



QMy dream is to launch my own business someday. Now that it's time to choose a major, I'm debating if I should major in entrepreneurial studies or major in engineering to acquire a set of skills first. Is majoring in entrepreneurship a good choice? More
Get Answer
- Spate, Orange, Calif.
5 ways retailers are tracking you If you think pesky salespeople are invading your personal space, check out these 5 technologies that are tracking your movements throughout a store. More
Moto X vs. Droid Turbo: Which Droid should you buy? Motorola has made the two best Android smartphones this year. Here's how they stack up. More
My part-time job is a dead end, but it's all I can find CNNMoney profiles 4 of America's 7 million part-time workers unable to find full-time jobs. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.