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December, Already?

It's not too late to trim this year's tax bill. And it's definitely not too early to start on 2000's.

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This story appears in the December 1999 issue of Entrepreneur. Subscribe »

As the millennium approaches, it makes good tax sense to use the days remaining in 1999 to find ways to reduce your April 15, 2000, tax burden. You have until December 31 to put strategies in place. Waiting until the new year to review your 1999 taxes means a missed opportunity--and more than likely, a higher tax bill.

While Republicans in Congress have been pushing for a large tax cut, they don't have the support of President Clinton. There's no chance that changes will be made in the law that will affect the figures on your 1999 tax return. Therefore, accountants recommend using the month of December to review the past 11 months of your company's revenue and expenses, find out where you stand tax-wise and determine how much you'll owe the IRS.

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