Most people complain about taxes—and then simply pay whatever they’re told.
Wealthy people do something different:

They learn how the tax system works, talk with professionals, and structure their income and expenses intentionally.
As a business coach, my goal is simple: be a profit center from day one. That means understanding how money flows before it flows out.

Here are several commonly discussed tax strategies business owners explore with a qualified professional:

1. Home Office & Related Expenses
If you work from home even part of the time, a portion of your home expenses may be deductible. This can include things like utilities, internet, office furniture, equipment, and other costs directly tied to business use.

2. Hosting Business-Related Gatherings
Business meetings, client appreciation events, or networking gatherings held at your home can potentially qualify as business expenses when structured correctly.

3. Paying Your Children
In some cases, business owners can legally employ their children and pay them up to a certain amount per year, potentially tax-free, when the work is legitimate and documented.

4. Roth IRA Contributions
Roth IRAs allow after-tax contributions that can grow and be withdrawn tax-free in retirement, within annual contribution limits.

5. SEP IRA for Business Owners
SEP IRAs can allow significantly higher contribution limits than traditional retirement accounts, making them attractive for high-earning entrepreneurs.

6. Choosing the Right Business Entity
For some businesses, filing as an S-Corp instead of an LLC can reduce self-employment taxes—but only when it fits the business model and income level.

7. Strategic Spending
Many business owners separate how they spend money:
• Use cash for legitimate tax-deductible expenses
• Use points or miles for personal expenses that aren’t deductible

Important Notes
* Always consult a licensed CPA or tax professional before implementing any tax strategy.
* If these topics interest you, research what’s commonly known as the Augusta Rule.
Smart tax planning isn’t about avoiding taxes—it’s about understanding the rules and playing the game correctly

*** This content is for educational purposes only and is not tax or legal advice!!