Holiday-Season Tax Trimming
Lower your tax bill with last-minute adjustments.
It's hard to think about taxes when the holidays are near. But now is a great time to make some final moves to cut your 2006 tax bill. To save the most money, look at how your business fared this year and then estimate revenue for next year, advises Joe Kristan, tax technical director at accounting firm Roth & Company PC in Des Moines, Iowa. Your best year-end tax maneuvers will be different if this year was an unusually good one, or if you're expecting sales to jump next year.
If revenue will rise next year, postpone paying expenses until January--you'll need the write-offs more next year. Pull in any revenue you can collect this year.
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