One of the most complicated parts of running a small business is figuring out your taxes. Most business owners are worried about ensuring they pay enough taxes. However, you should also spend a little time figuring out if you’re paying too much in taxes.
There are a ton of ways you can reduce how much your business pays in taxes. Tax deductions, for instance, reduce the amount of income you’re taxed on. Tax credits, on the other hand, reduce your actual tax bill.