Beat The Clock
Last-minute strategies to trim your tax bill.
It's that time of year again--time for some last-minute strategies to reduce your tax liability and keep cash flow humming in your business. But to reap the benefits of these moves, it's important to act by December 31. Waiting until April of next year means a missed opportunity--and, in all likelihood, a higher bill from the IRS.
Despite all the election year talk about tax cuts, rates for 1996 are unchanged. The top corporate rate, which many companies are required to pay, is 35 percent. For small-business owners who file tax returns as individuals, such as sole proprietors and partners, the top individual tax rate is 39.6 percent.
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