It’s that time of year again. Sure, there are some holidays going on, but it’s also year-end for your business. This week, the Intuit Small Business blog offers some tax tips for year-end that have the potential to save you money. Maybe you can make the holidays a little better by pinching some pennies on taxes. Here are some of the ideas Intuit gives:
- Buy some new equipment for the business. You can expense $500,000 this year for business equipment. It drops to $125,000 in 2012.
- Hire a new employee. You can get a tax credit for hiring certain types of employees, including high-risk youth and unemployed vets.
- Write off anything that’s depreciable. Right now you can still write off 100% of the first-year costs of anything bought after September 8, 2010. That will change next year.
- Go solar. If you switch to solar, you can get a tax credit of up to 30 percent of your property cost.
Check out the blog for more in-depth tips.