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Countdown: 10 moves you can still make to cut your taxes

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in Small Business Tax,Small Business Tax Deduction Strategies

As the days in the year dwindle, you may think you’ve done everything possible to reduce your ’07 tax liability. But we still have a few tricks you might use as late as the final week of the year. Here are 10 ways to beat the clock:

1. Set up a Keogh plan. If you’re self-employed, you can make tax-deductible contributions to a Keogh plan. But the plan must be in existence before Jan. 1, so complete the paperwork this month. Then you have until your 2007 tax return due date, plus extensions, to make contributions for 2007. Tip: The deductible contribution limit for the 2007 tax year is the lesser of 20% of your self-employment income or $45,000.

2. Buy a personal vehicle. You can choose to deduct either the state income tax or the state sales tax you’ve paid in 2007. If you buy a new vehicle in December, it may tip the scales in favor of the sales tax. Tip:  In lieu of compiling the actual sales tax, you can base your deduction...(register to read more)

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