Business owners have the most opportunities to use the tax code to their advantage. Yet some of the strategies are complex and require organization and good bookkeeping to keep them all straight and effective.

Caron Sharp lists five of the most commonly used strategies. Here are some additional thoughts on ways to make the tax code help instead of hurt you.

Within the business entities there are often discreet opportunities to save taxes. The Section 179 deduction is often the most discussed, which allows for 100% depreciation of qualifying fixed assets in its first year of ownership. The challenge is that many business owners do not get to maximize this benefit because the rules do not allow this to create a loss in your business. So, if you have $100,000 of potential Section 179 deductions but you have only $50,000 of income in the business, you will lose out on the other $50,000 of tax deduction this year. You will eventually be able to depreciate everything the remaining $50,000, but that will be spread over several years in the future. If there was a way to increase the earnings of the business to $100,000, then the entire deduction can be realized this year.

With some careful planning, one of the main ways to save on taxes is to look at your tax bracket relative to the brackets in which your immediate family members reside. For example, if you have one or more children under the age of 19, they are most likely in a zero bracket.  Some of your siblings or relatives may be in lower brackets. By using legal and ethical means to shift some of your income into and maximize these lower brackets, a careful business owner can save a lot of money in tax. Another opportunity exists for those who have an ongoing charitable contribution commitment of significance. This may be in the form of tithing or donations paid to religious organizations or donations to other non-profit entities. There are many options fulfill these commitments, save tax, and increase your cash flow and flexibility all at the same time.

There are many ways to make these strategies work, and it would be wise for you to consult a tax professional and business financial consultant to structure your situation in the most advantageous way.