Here are a few quick tips to help you reduce taxes
Open a separate business checking account. Many small business owners don't realize the complications that can arise from using their personal checking account to pay for business expenses. If business expenses are mixed in with personal expenses, the IRS may disallow them.
Read more...| Use your credit card to buy equipment and supplies that you will need in the upcoming year. Charges on your credit card for deductible business expenses are allowed in the year you make the purchase, not in the year the charge is paid. Pay off your credit card after the beginning of the year and avoid finance charges. |
| If you are a teacher who spent your own money for classroom supplies, this is the last year you can take a deduction for up to $250 of those costs. Unless Congress extends the deduction, expenses you incur next year won't be deductible. |