I want to encourage you, as a business owner, to take a good, hard look at your revenue for the year so far, and consider a few tax possibilities before it’s too late.
1) Project your income for the year and estimate your basic tax bill.
2) Defer income if possible. Always a good strategy, unless you’re due extra deductions and credits this year.
3) Accelerate deductible expenses.
4) Consider a 179 Deduction (taking an immediate deduction for CapEx instead of depreciating it). Extender bills in Congress could increase the limit for this from $25K to $500K. Stay tuned.
5) Consider opening retirement accounts.
Those five above are some “quick and dirty” tactics that every business owner should apply before year-end. If you want to get more granular (and in my opinion, you should), let’s get on the horn: (800) 829-8846