12 tax tips for small businesses

Tweet about this on TwitterShare on FacebookShare on Google+Share on LinkedIn

Here is a set of 7 tax tips for small businesses – from American Express open forum

  1. Pay out the bonus/commission related accrued expenses before March 15th to recognize them for tax purposes.
  2. Utilize the up to $250,000 tax deductions on capital expenditure (Section 179)
  3. Hire a tax specialist rather than hiring a CPA
  4. Combine business trips with vacation to take advantage of deductions
  5. Incorporate your business
  6. Capitalize your losses
  7. Take advantage of tax credits on “going green”

Here is another set of  5 interesting ideas to save on taxes- from Wall Street Journal.

My personal advice would be to talk to your tax specialist or CPA regarding the ideas mentioned in these articles, rather than attempting to implement these ideas on your own.