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8 small business tax tactics: year-end planning

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in Small Business Tax,Small Business Tax Deduction Strategies

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 Section 179 deduction 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...(register to read more)

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{ 1 comment… read it below or add one }

k suresh December 13, 2012 at 4:40 am

Good thoughts on tax. I work for mcgladrey and there’s a whitepaper on the new tangible assets tax regulation and how it affects businesses, it offers very good information @ bit.ly/T31Yxi

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