Taxes

RE: Seven Year-End Tax Tips

Nellie88 — Wed, 17 Dec 2008 00:13:25 GMT

Good advice! I came across another article on year-end tax tips, that says you can save money by avoiding IRS filing penalties. I think that will be important in this down economy as many people may be unable to pay their tax bill.
http://www.taxresolution.com/blog/?p=387

RE: Seven Year-End Tax Tips

ljbusiness — Tue, 16 Dec 2008 01:28:55 GMT

I appreciate the information it is just what I needed. Thank YOU

RE: Seven Year-End Tax Tips

gbaircaruso — Tue, 16 Dec 2008 00:20:40 GMT

Kind of crafty, but taxes are going up next year... the deduction i could take now, might be more handy at the end of 2009. On the other hand, I'd like to be optimistic that business will pick next year as well, making it easier to pay higher taxes.

In an economy like this one, when would you look to save, now or one year from now?

RE: Seven Year-End Tax Tips

Elite1 — Sun, 14 Dec 2008 16:43:22 GMT

Careful...you CANNOT deduct prepaid rent. You can only deduct the amount that applies to the tax year. Please see Chapter 3 "Rent Expense" of IRS Pub 535, under "Rent Paid in Advance".

Tanya
Elite Financial Services, LLC

RE: Seven Year-End Tax Tips

scribesays — Fri, 12 Dec 2008 18:31:57 GMT

This is smart, straightforward advice that everyone should heed.

Also, if you want to take a break from the madness, there's this great YouTube video that shows a financial manager who is about to flush himself down the toilet (almost): http://www.bplans.com/sample_business_plans.cfm

It's along the same vein--finance doesn't have to hurt!

RE: Seven Year-End Tax Tips

adminpartners — Wed, 03 Dec 2008 17:56:35 GMT

As I round out my first year in business, this article is extremely helpful. Thanks for sharing.

RE: Seven Year-End Tax Tips

pastefasule — Wed, 03 Dec 2008 16:37:58 GMT

Given the likelihood of taxes increasing in 2009; why would we want to accelerate any write-offs this year? Not necessarily a wise move

RE: Seven Year-End Tax Tips

duke1942 — Wed, 03 Dec 2008 16:24:17 GMT

Given the investment markets how about looking at the business or owner portfolios to see if there are some unrealized capital losses that could be taken to offset capital gains or reduce income? Keep in mind 'wash sales' rules if they plan on repurchasing the investments back. Also, the article mentioned CPAs, but failed to mention the other equally important tax professional the Enrolled Agent.