I own my business. What can I do to reduce income taxes before the year ends?
Owning your own business generally gives you control over when bills get paid, and this can be very powerful. If you want to reduce taxes for 2010, for example, you would be wise to pay certain business expenses a bit early to move the deduction from 2011 to 2010. If you don't have the cash, you can use your credit card and still receive a deduction.
Also, don't forget to fund your retirement plan. And if you don't have a retirement plan, set one up and fund it.
More commonly asked questions
- I own my own business. Is there a list of business expenses that I can use as a reference to determine what to write-off against my business income?
- I use my car for business. Can I deduct my car expenses on my tax return?
- I work out of my home. Can I take the home-office deduction?
- I qualify for the home-office deduction. What can I deduct?
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