Well, here’s a really simply advice but it could possibly save you a LOT of money next year when you report taxes to the U.S. government. (Now, if you live elsewhere, this might be different)
Since you have until April 2009 to report your taxes for 2008 but your tax deductions only count until end of 2008, you need to really spend before the year is over.
Here’s some tips for saving taxes:
1. If you are going to buy that $20,000 printer for your small business, buy it now and write it off as 2008 expense. Any expenses you know you are going to spend early next year, you might be better off buying it this year. As an example, I just bought bunch of new computers because I know I will need them around February but better to write it off this year then next year.
2. Do you have anything you can donate? Any old computer, gadgets, clothing, or whatever?
Don’t wait, get all that stuff together and take it to your local goodwill store. There’s a $500 limit on this but you might as well donate, help people, and write it off taxes.
3. Get your accounting done in January. Don’t wait until the last minute. One of my friend who owns a small business does his accounting in December. Better to be ready than sorry.
Well, that’s about it but these tips could possibly help you get more tax money back next year. If you have some more, please feel free to leave a comment.