The clock is ticking and 2013 is almost here. But before you start singing “Old Lang Syne,” I urge you to check out five proven ideas that can save you big money on this year’s business taxes.
That’s right. It’s not too late to implement some powerful tax planning strategies that will keep money out of Uncle Sam’s pocket… and leave plenty in yours.
More good news. These strategies are not hard to implement as we’ll prove when you read my new article titled Tax Tips: 5 Year-End Tax Tips for Business Receipts and Expenses.
Three ways our fact-filled article can help you:
- We’ll explain why you should stop billing customers or patients. Don’t worry. I’m not suggesting that you stop billing forever. (Perish the thought!) Just for the balance of 2012. By shifting income into 2013, you can save a bundle. You’ll get all the details when you read the full article.
- We’ll tell you why you should steer your business into an IRS safe harbor. You can thank the IRS for its money-saving tax deduction safe harbors. IRS Regulation 1.263(a)-4(f) contains an extremely useful safe-harbor rule that lets cash-basis taxpayers prepay and deduct qualifying expenses for up to twelve months in advance. And without challenge, adjustment, or change by the IRS. Get the whole story when you read the full article.
- We’ll show you how your credit cards can create fat tax deductions. Are you a sole proprietor? If you are, the day you charge a purchase to your business or personal credit card is the day the expense is deductible. So consider using your credit card to buy office supplies, etc. now. Operating as a corporation? The same rule applies! Get all the facts when you read the full article.