Comments on: Decrease your Tax Burden – Quick!

By: Sandy

Sandy — Tue, 13 Jan 2009 16:44:32 +0000

Thanks Nicole,

This is great advice that I really didn’t give much thought too. I will certainly be prepared now for the new year.

By: Administrator

Administrator — Sun, 11 Jan 2009 03:05:34 +0000

Hey Mike,

I purchase a few thousand dollars in advertising at the end of each year.

Basically, it comes down to how much money you made – which is the overall amount minus expenses. That’s what we’re taxed on.

So, since advertising is an expense, I choose to spend money on it, knowing that it’ll pay me back the following year.

As to how much to spend… you’d have to run those numbers with your CPA/Accountant. Normally I spend a bunch in December then we run the numbers in January to see how much I should put into my SEP to give me the best tax breaks in April.

Does that make more sense?
Nicole

By: Mike

Mike — Sat, 10 Jan 2009 20:55:05 +0000

Could you just spend more on advertising to balance the increase or are we talking loads to spend here.

By: Krankenversicherung

Krankenversicherung — Thu, 08 Jan 2009 08:37:28 +0000

I like the way you sum-up things to explain. It’s self-explanatory and cute. Another additional “wealth-knowledge”. Looking forward to more of this type of “positive-outlook” writings.

By: James touso

James touso — Fri, 02 Jan 2009 10:24:51 +0000

You have done a great job. But i think it’s not applicable for the people pf all countries.I am in UK now. sO it not beneficial for me.Still a great post.

By: Jennifer Knox

Jennifer Knox — Wed, 31 Dec 2008 16:48:18 +0000

These are great tips! Thanks!

I had planned to launch a new site at the end of November/beginning of December and put it off until 2009 for this very reason. But I think I’ll also make a few purchases today as well to help it along even more.

Jennifer Knox’s last blog post..A New Year’s Resolution to Start Today

By: Lexi

Lexi — Wed, 31 Dec 2008 15:20:00 +0000

Great tips! I'm in Canada as well, but I'm sure the same tips will apply. Thank you for the helpful post, as usual. Lexi's last blog post..Do You Need to Break Through?

By: Crystal

Crystal — Tue, 30 Dec 2008 23:14:53 +0000

Lol a cruise eh? Sweetness!!

Actually, this is a great post! I’m in Canada, and these strategies would work here as well for this year’s taxes. If you have the money to spend, end of the year charitable giving is another way to lessen your tax burden a little, and you can use it as a promotional tool as well by sending out press releases about your charitable gift, blogging about it, and including it on your Press page. It’s bragging yes, but it also helps encourage other businesses to give AND gives you a tax break!

Crystal’s last blog post..New Year’s Resolution – Family Time

By: Nicole Dean

Nicole Dean — Tue, 30 Dec 2008 20:25:40 +0000

Oh, I forgot to mention — if anyone wants to plan a cruise in the next 36 hours that I can deduct on my business expenses — I’m in.

My Travel Agent is Tracy Roberts. You can find her here:
http://getawayvirtualservices.com

Anyone? Anyone?