Generally if you have a business and are looking to reduce taxes,
there are a number of way to do it.
Funding a retirement plan for
yourself wife, children, grand children, friends, and or helping fund college
for those kids. You can look at IRAs, SEPPS, Simple IRAs, 401Ks and
accomplish saving and funding together.
Talk to your accountant and ask
him what you can contribute to a retirement plan or write off by paying
salaries, possibly to your children. Also consider who you want to
include in these plans, family or employees.
What can you invest in, and what are good
There are many ways to invest, stocks, bonds, mutual
funds, CDs, and so on. Always check on cost, risk availability
when you choose one of these investments. Banks allow smaller amount,
mutual funds require $250, not allot in today dollars. Bottom line,
see what you can deduct from your business that at the same time funds your
retirement or college for someone.