I am an LLC and I sale cars. Last year my Gross Sales were $2 million. I paid $163,000 in federal and state taxes. I generally put my profits right back in the company by increasing my Inventory. Is there something I can do to reduce the taxes I pay the government every year?
There must be; you are paying way too much on gross sales, unless your margin is just incredibly high. Best bet might be to engage a good tax accountant.
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