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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
Year-End Tax Planning Steps
In the month of December what do you think about… family, food, shopping? At this important time of the year, many business owners don’t give their tax situation a second thought.
What can you do to maximize your tax savings before clock strikes midnight on December 31st?
Barbara Weltman of Inc.com offers these 10 steps:
Step 1: Add to your revenue.
Step 2: Pay off accounts receivable.
Step 3: Make capital investments.
Step 4: Stock up on supplies.
Step 5: Distribute profits.
Step 6: Save for retirement.
Step 7: Make charitable donations.
Step 8: Get slow movers off your books.
Step 9: Adjust your estimated taxes.
Step 10: Get ready for new 2006 tax laws.
Source: 10 Steps to Year-End Tax Planning
Recommended Reading:
• MotleyFool – Year-End Tax Planning Tips, Part I
• MotleyFool – Year-End Tax Planning Tips, Part II
• Google.com Search – “Year End Tax Savings”
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