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Year-End Tax Strategies for Entrepreneurs
This chapter addresses effective year-end tax strategies for entrepreneurs, with a focus on the benefits of reclassifying LLCs as S corporations to minimize self-employment taxes. It highlights the significance of understanding self-employment taxes, bonus depreciation, and strategic deductions, particularly in relation to travel and equipment purchases. The discussion encourages business owners to consult with tax advisors to optimize their financial strategies and maximize deductions.