Nobody likes them, but taxes are an essential part of doing business. But that doesn’t mean you
should pay more than necessary.

Smart tax strategies are important to being good financial stewards of a business. In a My View
for the Phoenix Business Journal, CEO and founder of eeCPA Elizabeth Hale breaks down several
tactics entrepreneurs and small businesses should consider as they craft a tax-saving strategy
that fits their unique needs.

A vital factor in tax strategy is business structure, which can provide an organization with
various advantages and disadvantages in terms of taxes. Depending on goals and other factors,
entrepreneurs and small business owners may want to assess whether their existing structure
makes sense.

Other key tax-saving tactics include leveraging interest costs on various loans. Small businesses
can deduct the interest payments on debt such as auto loans, bank loans, credit card debt and
lines of credit. Businesses also should keep track of myriad business expenses, as these, too, are
tax-deductible and can reduce a company’s tax liability.

Although you may not like paying taxes, taking time to evaluate the various tax-saving tactics
available and implementing an overall tax-saving strategy can mitigate much of the stress and
anxiety taxes can cause business owners. If you need help getting started on your company’s
tax strategy, eeCPA can provide the guidance you need to set yourself up for long-term success.

Read Elizabeth’s full article here.