11th Hour Tax-Saving Tips, Part 3

Here are five ways to save on your taxes. Number 3? Practice profit management.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Delay income and accelerate tax-deductible expenses to reduce your business's current-year taxable net income. If your business is expected to have significant billings to customers at or near year-end, you may want to delay these billings to reduce the current year's income. Also, you can accelerate expenses into the current tax year to maximize the current year's tax-deductible expenses. Expenses that can be accelerated include, but are not limited to, the following: year-end employee bonuses, corporate charitable contributions, 60 percent of health insurance premiums for you as a self-employed individual, any qualified educational assistance expenses (up to the limit) or any other tax-deductible expenses you're planning on making.

SOURCE: Ask the Experts

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur