Tax Breaks For Small Businesses?

Joey owns a plumbing company that is starting to take off, but he’s worried about having to pay huge taxes now that he is making money. Where can he invest to get a tax break?

QUESTION: Joey owns a plumbing company that is starting to take off, but he’s worried about having to pay huge taxes now that he is making money. Where can he invest to get a tax break?

ANSWER: Welcome to America. As soon as you are successful, they kick you in the teeth! You worked hard and were smart, but Washington says you need to pay your fair share, meaning you have to pay someone ELSE’S fair share! You must be punished for doing well.

There aren’t a lot of tax breaks out there. You can start a simple 401(k) or a Roth IRA, but that doesn’t save you any money today on taxes. There are not a lot of options out there, especially for the small business owner. Washington has taken most of them away and that squeezes small businesses, which are the backbone of the American economy.