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 Year-end Tax Tips for Your Business As we prepare to ring in the New Year, it’s time to start thinking about year-end business tax planning. If you’re a small business owner, you can take steps right now to save money and reduce your tax burden in the New Year.
Here are a few helpful year-end tax planning strategies to get you started.
Assess Your Finances
The first step any company should take is to make sure its books are up to date and accurate. This will allow you to be better prepared to make year-end tax decisions and assess your business’ finances and plans for the future.
Increase Expenses
A business can actually reduce tax liability by increasing its expenses before the end of the year. Businesses can take advantage of a tax break that saves the company by investing in the purchase of new equipment. The end of the year is a great time to upgrade old machinery while maximizing your deductions, taking advantage of 2011’s 100 percent bonus first-year depreciation. The full cost of new or used equipment can be deducted this year, up to $500,000; in 2012 the limit will drop to $125,000. This includes computers, software, phone systems, machinery, and furniture put into service in your office |
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IndustryStories
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 | New Year's Resolutions for Your Office Resolutions aren’t just for your personal life; they can be a very effective tool for the professional world as well. Here are some suggestions to help you make 2012 successful for your company.
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Frequent Adjustments
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| December 2011
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