You’ve got to love entrepreneurial success stories. Take Ben & Jerry’s Ice Cream, for example. Ben Cohen and Jerry Greenfield started their ice cream empire with $8,000, a correspondence course in ice cream making, and a town short on ice cream vendors.
Then there’s Seth Goldman who started by brewing tea in his kitchen, storing it in Thermoses, and making a pitch to Whole Foods Market after five weeks of experimentation. He received an order for 15,000 bottles that day and his organic tea business, Honest Tea, was born.
Finally, there’s my good friend Joel’s cat-walking business. No, he hasn’t made his millions yet, but he’s working on it and does see promise: He met another cat owner who does walk his cat regularly.
What do all of these business owners have in common? Good tax planning. Today, let me share some year-end tax strategies for business owners.
1. Review your compensation mix
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