Like Donald Trump, Pay Your Fair Share of Taxes, but Don’t Overpay by Donald Trump

{2:24 minutes to read} As the years have gone on, I’ve been really working hard to make my mediation practice successful. Most of my clients are now coming from referrals, with a smaller percentage coming from internet advertising. My practice has grown steadily, and now it is time to do my 2016 tax return.

This year I’m paying more taxes. My accountant says, “Don’t complain. You’re making more money.” That may be true, but I’m still getting killed with taxes. I’m trying to figure out how to pay less taxes by reading articles on how to manage your business, watching financial shows, and talking to tax professionals. This year as a small business owner, I finally figured out a couple of ways to lessen the tax burden.

  1. If you have stock investments, you can harvest your losses at the end of the year and take a write-off.
  2. If you’re making more than the Roth IRA contribution threshold of $117,000, then you can start your own retirement plan through your business. You can also give your best employee (yourself) bonuses and matching employer contributions to a retirement plan.

This has been a new experience for me, because I never had the problem of paying so much in taxes that it actually became uncomfortable. I’ve discovered that using a tax professional and an investment advisor is really critical to any small business owner. It is also a good idea to get both of them working together so that they’re not making independent decisions without consulting with each other.

I am okay with paying taxes in this country, because it’s what keeps our great country running. And while I willingly pay my fair share, I don’t have to overpay.

So, get yourself educated about finances. Consult with a financial advisor and a good accountant. If all of you work together, you may be able to lessen your tax burden.

About Don Sinkov

Don Sinkov Your Divorce Mediator Westchester County, NY Putnam County, NY Phone: (914) 588-6258 eMail: Info@YourDivorceMediator.com