Saturday November 21, 2009

smSmallBiz.com - SmartMoney's Small Business Site

comments


Year-End Tax Tips for Businesses – Part I
Make these three moves now and cut your business' tax bill for 2008.
(read more)
Add Comment
Display Name

Comment

Please enter the characters shown below:


 
Michael T. Hanley, CPA Posted: 12:15 PM On July 6, 2009
In a down economy such as this, another key piece of advice to keep in mind when deciding whether to defer income and accelerate deductions is to take a look at where you will be in 2009.

If 2008 was not a good year for you and you are expecting lower than average income, but you expect 2009 to pick back up, you may want to consider avoiding those last-minute end-of-year tax savings strategies.

Why defer income into a year when you will be in a higher tax bracket? I would rather pay 15% tax on that income this year than 25% tax on that income next year!

Michael T. Hanley, CPA is the Managing Partner of the Smithtown, NY CPA Firm, Merl & Hanley, LLP and the author of Effective Tax Planning for the MicroBusiness (available at bookstores nationwide or online at www.30minutebooks.com).
rana_maple Posted: 10:40 AM On January 16, 2009
i want to do the job
Fox Business - Small Business