Year-End Tax Tips for the Small Business
Note: Here’s another good marketing tool. Include this sheet of helpful year-end tax tips in Christmas cards to current and potential clients. Just copy and paste this into your word processor, delete this note, include some contact information at the end, and you’re ready for a very happy new year of business.
I’m proud to be paying taxes in the United States . The only thing is—
I could be just as proud for half the money. –Arthur Godfrey
As the year winds down, there are a few things you can do in order to save your business some money. Here are five tips to help you maximize your 2006 tax benefits:
1. Defer income
Each and every penny you make up until December 31st of this year will be included in your 2006 taxable income. Deferring payments to the beginning of January will save you some money in taxes.
2. Make charitable contributions
‘Tis the season to give. It’s important to check your list twice and see if any of your charitable contributions can come at the end of this year rather than the beginning of next. This will maximize your 2006 deductions. Just be sure to keep your receipts.
3. Increase expenses
Don’t procrastinate buying office supplies until next year; all year-end expenses are tax deductible and could save you a considerable amount come April, 2007. Look to things you’ll be using soon, including office supplies and equipment. Also consider paying January bills early.
4. Check for inventory write-offs
Look through your inventory to see if any products are damaged or outdated. Noting market-value loss could provide you with additional tax deductions.
5. Contribute to retirement plan
Small business owners should recognize that being your own boss means you are responsible for your own retirement. If you haven’t started contributing to a retirement account, now is the time. Any contributions made are tax deductible. And if you do have a retirement account, year-end contributions are a great way to boost your deductions.
Professional Tax Preparers can help you get the most from your yearly tax filings. But truth be told, they’re even more valuable when you enlist their help in year-round tax planning. Any good tax preparer worth his or her salt will save you more in taxes than they charge you in fees. Don’t wait to see how much a tax preparer could save you.
End of Letter – Place your contact information here when you create the marketing piece. so those that get this into their hands can give you a call.
This is designed to be able to get you a foothold within the company, and to work with the other handouts we have included in the last couple Tax Tips Newsletter editions. The art of giving your client useful information without giving away what you do for free is exactly how you can best create that account for your business. All these are designed to open the dialogue that you need to have when you go knock on their doors about the importance to have you and keep you on as year round for tax advisement purposes.
Lastly, it’s also designed to be able to light a fire under you to get yourself into the activity of customer acquisition, which is the lifeblood of any business. For more tips, and a program that helps you with your marketing and business growth efforts check out the Art and Science of Getting Clients. Click Here to view today.

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Universal Accounting is a company that is making a difference in the lives of their students! For those who are pursuing or looking into the possibilities of pursuing a career path into the Accounting, Bookkeeping and Tax Preparation services, you need to get to know more about what all Universal offers in their comprehensive training programs.
Every small business could use some free publicity. And tip sheets are the perfect way to get that free publicity. Sandra Beckwith, author of Streetwise Complete Publicity Plans, says, “It’s one of the hardest working and most useful tactics available for generating publicity.” And in an article published by StartupNation.com she adds, “They are probably one of the most valuable publicity tools a small business can use.”
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