Published April 2007

Writing It Off

By Erik Gunn

It's that time of year again – when we add up the profits and the costs of doing business and give Uncle Sam his cut. By now you've pored over your books to file your federal income tax return (and your state one, too, if your state also has an income tax). Ideally you have a professional bookkeeper, or better still, an accountant; or at the very least software such as Intuit's TurboTax or Kiplinger's TaxCut. Whether or not you do, though, you should be aware of some important opportunities to reduce your tax bill that business owners sometimes miss.