- Maximize retirement contributions
2. Take advantage of major tax deductions for their businesses
3. Donate to charitable organizations
4. If you are self employed, deduct your health insurance
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Setting up a retirement plan and maximizing the contributions can decrease your taxable income. Business owners plan and track business expenses so they can deduct as much as possible while using the profits to grow the business. Giving to a non-profit organization brings down your tax obligations and a way for your favorite organization to grow. If you incorporate your business and pay employees for health insurance, your business can deduct these expenses.
