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Fortunately,deductionsare a great way to reduce tax liability or hopefully your overall tax bill in general.
Check out these four tax deductionsthat can save you and your business big money come tax time.
Also, you may benefit because you may benefit from self-employment tax savings, he continued.
This would give you a tax benefit of $11,643 in self-employment taxes saved.
These are based on a percentage of your office space and the size of your home, he said.
If all those expenses added up to $10,000, you would get $1,000.
At 24%, this would get you $240.
So, this can reduce the effective tax rate from the 21% corporate tax rate to 13.125%.
Caitlyn Moorheadcontributed to the reporting for this article.
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