Dec
23
2009
Tax Tips for the End of the Year
© alancleaver_2000
Small Business Trends and Entrepreneur.com both published predictable pieces on end of year tax tips recently.
Among the concerns coming up for next year, Small Business Trends points out that audits may be more common next year.
The ever-present audit threat is always lurking in the minds of business owners. In 2010, there's good reason for concern. As part of a budget measure, the House has approved a $543 billion increase in the IRS budget for fiscal year 2010; these funds will largely be used for enforcement activities.
Entrepreneur.com points out the value of a retirement program for mediating tax liability.
By setting money aside in qualified retirement plans, the contributions lower your taxable gross dollar-for-dollar, hence they are great for reducing tax liability,'' said Theresa Rosen, a certified financial planner with Prudence Financial in Sudbury, Mass. But to start a new a Solo 401(k) plan or a 401(k) for a larger company, you must get all your paperwork in to your investment company by Dec. 31.
Together the two articles provide 17 tips on tax and accounting issues for the end of the year.
Small Business Legal | Greg Cruey | 23 December 2009 |
