Today is Tax Day 2011 for folks living in US.   

Most people, myself included, do not want to pay a dime more we need to in taxes.  Of course it’s a “catch 22.”  The more money you make, the more you’ll typically pay in taxes.  However, for the smart entrepreneur, you can lower your tax bill by doing a few simple things such as:

Creating a small business (not only protects your business but allows you to write off many expenses)
Keeping records (of things you buy for your business … computer, software, licenses, etc …)
Contributing to a “retirement plan” (by incorporating you can “pay” yourself a salary and contribute to a pre-tax retirement plan)
Leverage your company to purchase insurance (life insurance, disability insurance, long term care insurance)
Put your car in your business’ name (will let you write off your car payments, auto insurance, etc …)

Don’t just take my advice, I’d highly recommend contacting a competent CPA and an attorney that you trust.  Their advice will more than offset any associated fees and, unlike myself, taxes are their expertise. 

Good luck and I hope you keep more of your money in your pockets and not give it to our government to waste.

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