2010 may be almost over, but there are still a few opportunities to save on your business income taxes if you act now. In some cases, it’s just a matter of pulling the tax benefit into the current year instead of next year, but in other cases, certain tax breaks are ending and it’s your last opportunity to take advantage of them.
For example, did you know that there are currently special bonus depreciation rules enacted for 2010 that allow an expense for 50 percent of the purchase? Or that you may be entitled to a special research & development tax credit if you develop computer software, even for internal use?
For my latest article for American Express OPEN Forum, I compiled seven ideas from top tax professionals on things you can do before the end of the year to reduce your business tax liability and take advantage of some of these government programs. If any of these seem like a potential fit for you, you’ll want to discuss them with your CPA as soon as possible.