Tax Tips for Small Businesses and Freelancers

D. Robert Morris, chair of Pullman & Comley's Tax practice, was quoted extensively in a Next Avenue article that provides strategies and advice to small business owners and freelancers on finding appropriate deductions for their 2023 tax bill.  

With more than half of America's small business owners aged 50 or above, the article provides techniques that may offer relief on 2023 tax bills and advice for the future as the business continues to grow.  Topics covered include when to pay estimated taxes, which type of business structure is best for your entity to minimize taxes, and how to determine what is reasonable compensation for a business owner.

Rob explains why business owners need to be cautious regarding the salary they set for themselves and know when to take action.  "You need to do this in advance.  If you are going to take a salary, you have to do it by December 31."

Read the complete Next Avenue article here. Next Avenue, produced by Twin Cities PBS, is public media's only national publication dedicated to covering issues of concern to aging adults.