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Tax Strategies & Deduction Calculators

Explore powerful tax strategies to reduce your tax bill. Free calculators, guides, and expert insights to maximize your business deductions.

Common Deductible Business Expenses

Don't miss out on these everyday business deductions

Meals & Entertainment

50% of business meals

Travel Expenses

100% of business travel

Vehicle & Mileage

$0.67/mile (2024)

Office Supplies

100% deductible

Software & Subscriptions

100% deductible

Professional Development

Education & training

Advertising & Marketing

100% deductible

Professional Services

Legal, accounting, consulting

Maximize Retirement Contributions

Self-employed individuals and business owners can contribute significantly more to retirement accounts than W-2 employees, creating massive tax deductions.

Solo 401(k)

Contribute up to $69,000/year ($76,500 if 50+)

  • • $23,000 employee contribution ($30,500 if 50+)
  • • Up to 25% of compensation as employer
  • • 100% tax-deductible contributions

SEP IRA

Contribute up to $69,000/year

  • • Up to 25% of compensation
  • • Easy to set up and maintain
  • • Flexible contribution amounts

SIMPLE IRA

Contribute up to $16,000/year ($19,500 if 50+)

  • • Good for businesses with employees
  • • 3% employer match required
  • • Lower contribution limits than Solo 401(k)

Example Tax Savings

Business Owner - Age 45
Self-employment income: $200,000
Solo 401(k) Contribution
$69,000
Tax Savings (32% bracket)
$22,080

Bottom line: You invested $69,000 in your retirement, but your out-of-pocket cost was only $46,920 after tax savings.

Real-World Tax Planning Examples

See how strategic planning dramatically reduces tax liability

Scenario 1

Solo Consultant Switches to S-Corp

Before (Sole Proprietor)
Income: $150,000
Self-Employment Tax: $21,194
After (S-Corporation)
Salary: $80,000 | Distributions: $70,000
Self-Employment Tax: $11,304
Annual Savings
$9,890
Scenario 2

Contractor Buys Heavy Truck

Vehicle Purchase
Ford F-350: $85,000
GVWR: 14,000+ lbs (unlimited deduction)
First Year Deduction
Section 179 + Bonus: $85,000
32% Tax Bracket
Tax Savings
$27,200
Scenario 3

Freelancer Maximizes Retirement

Self-Employment Income
$180,000/year
37% Tax Bracket
Solo 401(k) Contribution
$69,000
Fully tax-deductible
Tax Savings
$25,530
Scenario 4

Remote Worker Claims Home Office

Self-Employed Income
$120,000/year
Home office: 250 sq ft
Home Office Deduction (Simplified)
250 sq ft × $5 = $1,250
24% Tax Bracket
Tax Savings
$300

These are simplified examples. Actual savings depend on your specific situation.

Get Personalized Tax Strategy

Ready to Reduce Your Tax Bill?

Strategic tax planning isn't about avoiding taxes—it's about using legal strategies to keep more of what you earn. Let's build your custom tax plan.