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Tax Time Business Tips?

Crunch Time in the US

         

Brett_Tabke

2:32 pm on Dec 28, 2004 (gmt 0)

WebmasterWorld Administrator 10+ Year Member Top Contributors Of The Month



Ok, what is your best year end tax time tip?

Mine: remember the depreciation rules are different this year for the last year. You can depreciate away big ticket items in one year this year. eg: buy a $10k server system and write it off this year.

That's mine - whats yours?

Essex_boy

4:04 pm on Dec 28, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member Top Contributors Of The Month



Being aware that your taxed on asset disposals - i.e profit on realisation.

vkaryl

2:58 am on Dec 29, 2004 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Phooey Brett! That was MINE TOO!

Seriously, take a GOOD look at your overall picture compared to last year, the last five years.... If yours is like mine, the LAST THING you want to do is DIY - GET A TAX ACCOUNTANT PRONTO! If you don't know a good one, talk to friends with their own businesses, see who they use. Interview several before you choose - it is often VERY IMPORTANT that you feel you can have a "friendly working relationship" with professionals like this. If you are iffy about something or a bit put off by an attitude - DON'T HIRE HIMMER! Gut reactions should generally be listened to....

And, from personal experience, don't hire the guy whose office complex exists cheek-by-jowl with attorneys. It's too easy to get handed off when you need legal representation to someone who is totally unsuitable, simply by "contamination".... and yes, that's a totally jaundiced attitude (LEGITIMATELY I might add *sigh*)....

[Edit: OH! DO NOT wait until the last minute to put things together or to request a filing extension! In other words, get your ducks in a row, and THEN postmark at the last minute, but be sure you HAVE those ducks in a row.... Here speaks a bookkeeper of many years' experience....]