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What tax advantages are there to owning a business in the United States?
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There are several tax advantages to owning a business in the United States. One advantage is that businesses can take advantage of deductions for business-related expenses, such as office supplies, business travel, and meals. Additionally, businesses can make use of the tax credits available to businesses, such as the research and development tax credit, which provides a reduction in taxable income. In addition, businesses may be able to access deductions on certain types of retirement savings plans, such as 401(k) plans, which allow you to save for retirement while deferring taxes until the money is withdrawn. Finally, businesses can take advantage of the earned income tax credit, which reduces the amount of taxes that are owed on earned income.