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Cut your 2003 business taxes to the bone

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Calendar-year 2003 is over, and you can't do anything to change it. But the book isn't closed on tax year 2003.

With a few smart moves in the coming weeks, you can cut down your business tax bill, regardless of whether you run your shop as a C corporation, LLC, S corporation or sole proprietorship. And it's especially important to pay attention this year because several new rules kicked in during 2003 that could save you big bucks if you take the right action.

This special issue of Research Recommendations offers several tax-saving strategies for business returns. Among the tactics you'll discover in the following pages:

• How to maximize your first-year write-off on new business equipment. (See page 2.)

• The 25 most often-overlooked business-expense deductions. (See page 3.)

• How LLC owners and husband/wife partnerships can reduce their self-employment taxes. (See page 4.)

• Whether or not you should file your taxes online. (See page 6.)

• How to write off home-equity loan interest as a business expense. (See page 7.)

• How to recover extra Social Security taxes that you may have inadvertently paid last year. (See page 7.)

Coming up: Our March 8 special edition on personal-filing strategies will be stuffed with advice on ways to cut down your Form 1040 to size.

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