It's that time of year again—time to review your financials, profit and loss statements, and corporate records to help save taxes for 2006. Setting aside some time now to meet with your tax planning team and review the most important items will make a big difference when your returns are due next year.
Gary Malawy, CPA, a tax planning authority with Krehbiel and Associates LLC, Mount Vernon, Ill., offers some suggestions.
According to Malawy, you should deduct business equipment in 2006. Up to $108,000 of new business equipment can be deducted immediately by using Section 179 expensing. The equipment must be placed in service before year's end, not merely purchased.