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Get Your Tax Straight

All the last-minute financial secrets you'll need to get out from under some of that tax burden before 2002 comes to a close.

This story appears in the December 2002 issue of Entrepreneur. Subscribe »

As 2002 winds down, it's a good idea to review your tax situation. With several new provisions in effect, there are plenty of deductions and deferrals to take advantage of.

"With declining income tax rates, entrepreneurs with limited liability companies, S corporations, partnerships or sole proprietorships who file individual returns will probably do well to defer as much as possible into next year when the rates will be even lower," says Arnie Koonin, tax partner in charge of personal financial services in the Washington, DC, office of accounting firm PricewaterhouseCoopers.

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