Seven Principles for Reducing Income Taxes

"Part of your heritage in this society is the opportunity to become financially independent."

-Jim Rohn

Seven Principles for Reducing Income Taxes

  1. Properly record all income and expenses, assets and liabilities, and maintain current financial data.
  2. Maintain separate bank accounts and credit cards for each business entity.
  3. Reconcile business bank statements and business credit card statements monthly.
  4. Pay quarterly estimated income tax payments by the filing deadline.
  5. Properly record payroll and pay all payroll taxes by the filing deadline.
  6. Reevaluate gross profit monthly or quarterly to access potential tax liability.
  7. File all income and payroll tax reports by the filing deadline.