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11 Small Business Tax Tips to Maximize Profit

Taxes can be tricky for small business owners, but the right strategies can reduce your tax bill and improve your bottom line. Here are 11 quick tips to help you stay on top of your taxes and keep more of your hard-earned money:

  • Keep Your Records Organized Accurate records are key to smoother tax prep. Use accounting software like QuickBooks to track your income and expenses, and keep digital copies of receipts to avoid any last-minute scrambling.
  • Know Your Deductions Take advantage of business deductions like office supplies, travel, and wages. Just remember to hold onto your receipts and maintain good documentation in case of an audit.
  • Take Advantage of Tax Credits Tax credits are a direct way to lower your tax bill. Look into options like the Research & Development (R&D) Credit or the Work Opportunity Tax Credit (WOTC) if your business qualifies.
  • Pay Estimated Taxes on Time If you're self-employed, you’ll need to make quarterly estimated tax payments. Set money aside regularly so you aren’t scrambling when payments are due.
  • Separate Business and Personal Expenses Don’t mix your personal and business finances. Use a dedicated business bank account and credit card to keep everything organized and compliant.
  • Use Accounting Software Streamline your bookkeeping with tools like QuickBooks, Xero, or FreshBooks. They’ll automate your records, track expenses, and make tax season a lot easier.
  • Work With a Tax Professional Taxes can get complicated fast. A tax pro can help you identify deductions and credits, avoid costly mistakes, and plan ahead for future tax obligations.
  • Contribute to Retirement Accounts Lower your taxable income by contributing to retirement plans like a SEP IRA, SIMPLE IRA, or Solo 401(k). It’s a smart way to save for the future and reduce your current tax bill.
  • Stay Aware of Tax Deadlines Keep track of key dates like quarterly estimated tax payments and your annual tax return due date. Missing deadlines can lead to penalties, which are easily avoidable.
  • Claim the Home Office Deduction If you work from home, you may be eligible for the home office deduction. It can reduce your taxable income, but be sure your workspace is used exclusively for business purposes.
  • Deduct Charitable Donations If your business makes donations to qualified charities, you can deduct those contributions. Just keep detailed records to support your claims and ensure the charity is IRS-approved.

Quick Tip: Staying organized is half the battle. Keep good records, meet your deadlines, and consult a tax pro when needed to avoid unnecessary headaches.

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Get to know me more

Hi, I’m Alfred Beato, founder of Legacy Advice Group, and I’ve dedicated my career to helping clients navigate both their business and personal finances with clarity, care, and proactive advice.

My journey in public accounting started when I was just 15 years old, working part-time at a small CPA firm. What began with making copies and organizing files quickly turned into learning the fundamentals of bookkeeping and tax preparation, and from that moment on, I knew I wanted to build my own firm one day.

After earning my bachelor’s degree from FIU in 2015, I joined Appelrouth, Farrah & Co., a respected CPA firm in Coral Gables. It was here that I gained invaluable hands-on experience — not just preparing tax returns but learning how to work directly with clients, build relationships, and offer meaningful advice.

Throughout my time at Appelrouth, I also continued working with another CPA firm — my brother’s practice, Beato Pimentel & Associates. Whether it was providing input on client engagements or assisting with operations, this experience allowed me to gain a deeper understanding of the entrepreneurial side of running a firm.

In 2020, I completed my master’s in taxation from NOVA Southeastern University, further refining my knowledge in tax planning and advisory services. These experiences taught me to think beyond the numbers and approach every client relationship as a trusted advisor, not just a tax preparer. This foundation has shaped the way I serve my clients today.

Why I Started Legacy Advice Group

I’ve always known that I wanted to be self-employed. The idea of building something meaningful and helping clients on my own terms has been my goal from day one. Over the years, I’ve had the privilege of working with some incredible firms, learning everything from client engagement and billing strategies to tax planning and business advisory. But at the end of the day, I realized that no one firm could fulfill my dream of running my own practice.

That’s why I started Legacy Advice Group. It’s about more than just compliance work — it’s about guiding clients through their financial journey and helping them build a legacy for their families and future generations.

My Ties to Latin America

With roots in Cuba and the Dominican Republic, and being fluent in both English and Spanish, I’m proud to bring a unique perspective to my practice. Many of my clients have ties to Latin America, and I understand the cultural and financial challenges that come with managing cross-border finances.

Our team at Legacy Advice Group also shares this diverse background, allowing us to better serve clients from all walks of life — whether they’re navigating U.S. tax compliance or managing foreign investments.

Connect With Me

I believe in building relationships with my clients beyond the numbers. If you’d like to get to know me better, feel free to connect with me on social media:

I share both personal and professional updates, and I welcome you to join me on this journey as we grow and build together.

What Sets Me Apart

Legacy Advice Group and I are one and the same. As much as I’d like to say the business operates separately from me, the truth is that it doesn’t. This industry — like any business — demands time, energy, and attention to detail. Things don’t just happen on their own.

Because of that, every client relationship is personal to me. I don’t take a one-size-fits-all approach. Whether it’s reviewing your tax return in detail, helping you structure your business, or guiding you through a complex financial decision, my goal is to ensure you feel heard, understood, and supported.

You’re not just hiring someone to prepare your taxes — you’re partnering with someone who will guide you through every financial decision, helping you stay on track, minimize liabilities, and build a secure financial future.