If you want to pay the absolute minimum to Uncle Sam, tax planning must be a year-round pursuit. With summer right around the corner, you can cash in on several key tax breaks by springing into action now. If you procrastinate until the end of the year, you'll miss out on valuable deductions and credits for yourself, your business and your family. This special report explains a dozen timely moves you should take before the leaves begin to fall.
Strategy 1. Put more of yourself into your company. Losses from an S corporation are passed through to its shareholders, but only up to the amount of the shareholder's basis in the stock.
Take a close look at your bottom line midway through the year. If it looks like your S corporation will show a loss for 2004, make sure that your basis is sufficient to take full advantage of the pass-though loss deduction for the year. Tip: You can increase your basis simply by adding ca...(register to read more)