Well, 2014 is almost here, so there’s no major tax-planning you can do right now.
But don’t throw in the towel quite yet. There are some nice year-end tax deductions still available if you take action immediately.
Want to take advantage of every last tax break Uncle Sam will allow?
Don’t miss my new and final article of 2013. It’s titled Tax Tips: Create Year-End Tax Deductions with Simple Business Expenses.
Five last-minute strategies for cutting your 2013 tax bill:
- Stop billing customers and patients. Not permanently! Just hold off until 2014 and you’ll reduce your taxable income. Get the whole story when you read the full article.
- Use the IRS safe harbor to prepay your expenses. IRS regulations include a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance. And without challenge, adjustment, or change by the IRS. Interested? Read the full article.
- Buy office equipment right now. The overall 2013 limit on Section 179 expensing is $500,000. Qualifying Section 179 purchases include new and used personal property including equipment, computers, desks, chairs, and more. You’ll get the details when you read the full article.
- Use your credit cards to create tax deductions. If you’re a sole proprietor, the day you charge a purchase to your business or personal credit card is the day the expense is deductible. That means you should use your credit card to buy office supplies and other business necessities. You’ll find out more when you read the full article.
- Learn the smart way to handle a “net operating loss.” If your business deductions exceed your business income, you’ve got what the tax law calls a “net operating loss.” That’s bad news. But the good new is that you can carry back the loss for two years and get refunds from taxes previously paid. You’ll learn a lot more when you read the full article.