Factoring Blog - For Small Businesses

As of this writing, you have six weeks left to do some year-end 2007 tax planning.  After you sit down to your turkey dinner on Thanksgiving, why not set aside a few hours later that weekend to look at your tax situation?

Now is the time to estimate your full-year profits and expense loads — and consider final strategies to reduce your tax burden.   Key strategies to consider include:

• accelerate deductions to take them in the 2007 tax year

• defer income, if possible, until 2008 so that you can delay your tax liability on that income

• upgrade business equipment to take advantage of liberal one-time expensing provisions (up to $125,000 in 2007)

• set up a qualified retirement plan

This CPA firm newsletter offers a quick list of year-end tax planning strategies for businesses and the self-employed.

See also the Business Owners’ Toolkit for year-end tax planning.

And if you are interested in planning for your personal tax situation, see this Impact Magazine article.

This entry was posted on Friday, November 9th, 2007 at 6:33 am and is filed under Business Tax. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.