What are some effective tax planning strategies for SMEs?
An example of an AI chatbot conversation about tax planning strategies for small and medium enterprises.
What are some effective tax planning strategies for SMEs?
Effective tax planning strategies for SMEs include maximizing deductions, utilizing tax credits, and deferring income.
Can you explain how to maximize deductions?
To maximize deductions, keep detailed records of all business expenses, and ensure you claim all eligible expenses.
What tax credits should SMEs be aware of?
SMEs should look into credits like the Research and Development Tax Credit and the Small Business Health Care Tax Credit.
How can I defer income to reduce my tax liability?
You can defer income by delaying invoicing or using retirement accounts to postpone tax obligations.
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