Give your company — and yourself — the gift of tax savings – 3 tips to implement before year end

Description

Abstract: It’s important to take time to address your business’s tax situation at any time of the year. But it’s especially critical as year end approaches. You can minimize the amount you give to the IRS, leaving you with more to invest in your business or save. Don’t delay, because many tax-saving techniques have to be implemented before year end. This article reviews three strategies: timing income and deductions, deferring tax on advance payments and increasing basis.