• Review capital expenditures for fixed assets carefully to ensure that you are not overlooking deductible expenses.

• Eligible businesses are allowed to deduct the full cost of annual asset acquisitions with certain limitations in lieu of depreciation (see Section 179 deduction).

• Consider a retirement plan as one of the most powerful tax shelters still available to business taxpayers.

• Don’t forget about deductions for automobiles and home-office taxpayers.

To avoid paying more taxes than required, you must plan your tax strategy. Seek the advice of a certified public accountant who concentrates in your type of business. You may be amazed at the money you can save!

Source: James Ellis, CPA, Principal-Ellis and Associates CPAs, PA