Cut your 1040 down to size: 12 tips — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Cut your 1040 down to size: 12 tips

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in Small Business Tax,Small Business Tax Deduction Strategies

It’s too late to do anything about the amount you’ll owe on your 2005 tax return … right? Wrong!

You can still slash your tax bill by zeroing in on tax breaks that usually fall by the wayside if you’re operating on cruise control.

The previous issue of Research Recommendations focused on tax-return strategies for business entities and self-employed entrepreneurs. This issue is devoted exclusively to saving taxes on your personal return. It will help you pay the least possible amount of federal income tax allowed by the law—no strings attached.

We’ll be dishing out more timely tax tips right up to the April 17 deadline. Here’s an even dozen strategies to get you out of the gate.

1. Turn good charity intentions into better tax deductions

Congress carved out some special tax benefits for charitable-minded taxpayers who provided relief to hurricane victims in 2005. But those tax breaks weren’t restricted to disaster-area relief....(register to read more)

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