Well, our 2007 tax year is over and if you are like me, we missed an opportunity to save more on our corporate taxes. Believe it or not, we should start planning for our next tax return NOW. Here three easy things you can do now that may save you dollars down the road.

1. Equipment Purchases: Don’t wait until December to start thinking of buying that copy machine! If you need a major piece of equipment for your business, you could deduct this expense under Section 179 of the IRS code. This year, that expense is up to $128,000–this is an offset expense against any expected profit.

2. With the start of summer consider giving your kids summer jobs. Hiring your high school child to work in the office is a great way to pass tax-free income to your kids. You get a deduction, and if you are paying your child less than $5,300 per year, he or she will experience no tax either!

3. Make sure you fund whatever IRA or Qualified Plan you have established!

This entry was posted on Wednesday, June 25th, 2008 at 5:00 am and is filed under Professionals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.