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This is how you can reduce your taxes from 50.4% down to 9% if you personally own a business. Currently, as a sole proprietor, any income you earn is taxed at your personal marginal tax rate. To reduce your taxes, you can set up a corporation and sell your business to that corporation. By filing a Section 85 election, you won't have to pay any taxes on this transfer. Your corporation can now claim a small business deduction, which means on the first $500,000 of taxable income, you will pay as little as 9% in taxes.

This is how you can reduce your taxes from 50.4% down to 9% if you personally own a business. Currently, as a sole proprietor, any income you earn is taxed at…