Tax Saving Tips for Business Owners

Tax Saving Tips for Business Owners

Its seems like we repeat many of these ideas each year, but they are good tips and we all need reminders sometimes. These tips work best if you expect your net income to be approximately the same next year.

If your business reports on a cash basis

  • Stop billing now until after year-end (That way you most likely will not get paid
  • Prepay certain expenses up to 12 months in advance

Cash or Accrual Businesses

  • Purchase furniture and equipment and put it in service prior to January 1, 2012
  • Hint – even if you use the cash basis, you can pay for it next year if you pay with a credit card

These are just a few of our strategies. We will post more soon!

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