How Risky Should You Be with Your Business Taxes? Finding What’s Right for You

Key Takeaways:

1. Look for Hidden Tax Treasures: There are special tax “bonuses” for doing good things, like hiring veterans or creating new stuff (like inventions). These are called tax credits, and they can save your business a lot of money.
2. Don’t Trust Every TikTok Tip: Just because someone says something about taxes online doesn’t mean it’s true. Always double-check with someone who really knows—like a CPA (that’s a tax pro!).
3. Keep Good Records—Always: Save every receipt, bill, and note about what you spend for your business. If the IRS ever checks your work, you’ll be ready and won’t panic.
4. Find Your Tax Style: Some people take more risks on their taxes, while others play it safe. You need to know what feels right for you and build a plan that fits both your comfort level and your business goals.
5. Get Help From a Pro: A CPA can help you find tax savings you didn’t even know existed. Meeting with one regularly helps you stay legal, smart, and ahead of the game.
   
   

Chapters:

Timestamp Summary

0:00 Introduction to Tax Deductions and Credits

0:42 The Importance of Tax Deductions

1:06 Finding Valuable Deductions for Your Business

3:21 Tax Credits for Hiring and Innovation

5:00 Documenting Expenses for an Audit

8:02 Balancing Aggressiveness with Tax Risks

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.