Income tax planning at the end of the year isn’t limited to individuals.
Strategy: Employ tax techniques that will benefit your small business.
Unlike the tax upheaval affecting individuals, tax rates for corporations are expected to remain the same in 2013 as they are in 2012. But self-employed individuals and owners of pass-through entities must consider the impact of the changes.
With that in mind, here are eight tax-saving opportunities for your small business at the end of the year.
1. Buy property for your business. For tax years beginning in 2012, the maximum (register to read more)for qualified business property is $139,000 (indexed from $125,000). The deduction begins to phase out on a dollar-for-dollar basis above a threshold of $560,000 (indexed from $500,000). Unless Congress approves another change, the deduction for qualified property—like equipment and supplies—will plummet to $25,000 with only a $200,000 phase...