| While there are many advantages to running a Small | | | | financial transaction is carried out, so that it results in |
| Business, there are inherent pitfalls if it is not run | | | | the lowest legally admissible tax liability. To put it in |
| efficiently and effectively. Tax Planning is a key | | | | other words, tax avoidance is completely legal, but tax |
| element that needs careful attention. This is a | | | | evasion is not. |
| year-round process with meticulous details being | | | | The basics of small business tax planning should be |
| planned well in advance, so as to maximize profit while | | | | well understood and they should be supported by a |
| minimizing taxes. | | | | Small Business accounting system that helps to |
| Every individual taxpayer and small business owner | | | | minimize Small Business Taxes. |
| has complete liberty to choose the method by which a | | | | |