Year End Tax Tips

[mandy]

1. Update your books and talk to your accountant. In fact, that’s so important that it should be the first thing on your list. If you’ve fallen behind on your bookkeeping, catch up now, and then get the files over to your accountant for a year-end review. Your accountant may have a variety of strategies, from taking extra salary to a loan between yourself and your company, to suggest - based on precisely how your self-employment has performed over the course of the year.

2. Accelerate expenses, hold off on income. Depending on the size of your bank account, December is a good time to be spending money, and not such a good time to be making it. Been holding off on buying a software application? Now’s the time to spend the money. Office supplies you go through on a regular basis? Doesn’t hurt to stock up. Finishing up a major chunk of work? Bill it in January instead of now. Remember, whether you’re on cash or accrual basis accounting affects how much you can shift stuff around, so talk to your tax pro to get the details...

full article: http://webworkerdaily.com/2007/12/17/web...#more-1493

[princess09]

Yeah, you are right. We must end this year good so we must pay our tax. I have found this article in  [spam link and spammer removed]Tax Attorney: Tax tips and strategies for freelance professionals and self-employed people. There are special circumstances that apply to freelance writers and other creative professions, so I will highlight what you need to know to prepare your taxes and to avoid IRS investigations.