Link: Nine Last Minute Easy Steps to Lower Your Taxes

Dec 20, 2008: 9:53 PM CST

You have less than two-weeks to make any adjustments that would help you lessen your tax burden for 2008.  USA Today reporter Rhonda Abrams suggests these nine strategies in her article “Do These Now to Reduce Your Tax Bill in April.

These strategies are mainly geared for small businesses, but if you are an independent trader, you can perhaps employ some of these strategies for yourself.

For me, I bought a powerful new computer and large monitor that will be arriving soon and am buying other office supplies/equipment to help offset some of the profits of trading and blogging.

Abrams also suggests pre-paying bills now that you would pay in January 2009 such as conference registrations, rent/supplies, taxes, etc.  You still have time to make tax-deductible charitable contributions as well – it is the holiday season after all.

She also suggests ways to defer income if 2008 was not a profitable year, as it wasn’t for so many companies.  This might mean holding off on sending invoices until January.

I am not a tax specialist, and you should always contact your accountant or tax specialist before making any major changes or for legal advice, but Abrams’ article has some good tips you might want to consider while you still have time.  She even recommends speaking to a professional.

Above all, she recommends, “Guard your cash and credit carefully,” and “This year, of all years, every dollar you save is important. That’s particularly true when it comes to taxes. A few steps taken now — before the year ends — can save you money when tax time rolls around.”

1 Comment

One Response to “Link: Nine Last Minute Easy Steps to Lower Your Taxes”

  1. toad37 Says:

    Good stuff Corey, thanks for the timely tax break ideas.