While there may be no way to avoid taxes, understanding how to manage your tax affairs as a business owner will help keep payments to a bare minimum.
After many years in public practice accounting, I regularly get asked by business owners how they can pay less to the Inland Revenue Department (IRD). Unfortunately, while there’s no simple magic answer, I do have a few tips.
Some business owners take the most amazing risks to avoid paying anything to the IRD. But if you’re looking to avoid the stress of IRD scrutiny and accumulate wealth for retirement, then the only reasonable option is to manage your business’s taxes by the books.