In her article “Last-Minute Business Tax Deductions for 2010” Barbara Weltman provides some “crisis” tax planning ideas for those of us that are less inclined to do the proactive tax planning, as recommended by our firm, through out the year.
In fairness to all business owners out there, if there were ever an argument to be made for “crisis” tax planning it would be this year. Why? Consider the headline of the WSJ this morning which reads “Tax Deal Within Reach.” Essentially Congress has put all business owners, and individuals for that matter, in a position where we have no choice but to be on “high alert” as to potential tax law changes.
Case in point, even though Ms. Weltman’s article is dated December 3, 2010 IF a deal is struck as the WSJ implies, some of the points made by the contributors for her article (E. M. Anderson, CPA and J. Zobel EA) are rendered invalid.
Regardless there is still time to create substantial tax savings if you act now and the article, if nothing else, should get you thinking! See the link below for more information.
Last Minute Business Tax Deductions for 2010 by Barbara Weltman
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
