Few things are more rewarding than starting your own small business. Before you open your door or go live online, you have numerous decisions to make that will affect the future success of your business. Some of those decisions will have a profound effect on what your federal taxes will look like.
The time to think about your future tax liabilities as a small business owner is now. Aiming to reduce taxable income and maximize deductions could require some strategic decisions. It may help to consider the following so that you can reduce your tax liability going forward.