You can save on 2009 taxes by taking action before the end of the year. As always you should always consult with your accountant or tax consultant on how these tax strategies apply to your personal situation. Also the tax tail should never wag the business dog.
Be sure to take action on these tax strategies if they put more money in your pocket:
1. Buy a heavy SUV to haul your tools around and deduct up to $25,000 in depreciation expense. New and pre-owned "heavy" SUVs used over 50% for business qualify for a first-year Section 179 depreciation write-off of $25,000 Read More
2. Buy other business equipment - including software, computers, office furniture - and you can write-off as much as $250,000 in depreciation expenses.
3. Take full advantage of 50% first year bonus depreciation for qualifying new equipment placed in service by December 31, 2009.New real estate land improvements (sidewalks, drainage systems, and so forth) and certain leasehold improvements qualify too.
4. Accelerate expenses by paying vendors and others before end of the year and delay receiving income payments until Jan 1 of 2010. Read More
5. Create a Net Operating Loss by taking the above steps and then use take the 2009 Net Operating Loss, carry it back for up to five years, and recover taxes paid in those years
Read more detail about the 5 year end strategies for saving on 2009 taxes by CLICKING HERE