Posted by Dave Murray, Ohio CPA on June 12, 2003 at 11:15:00:
Lou, “Last minute” is Dec. 30 or 31, 2002. You are way past last minute. You can’t even fund an IRA since the deadline was 4/15/03. Sorry, I can’t think of anything that could help.
Tax Reduction Strategies Needed! - Posted by lou
Posted by lou on June 12, 2003 at 09:24:23:
Any last minute strategies one can implement to reduce income tax owed? i have not yet filed 2002 return!
Is your tax year calender or fiscal? - Posted by Spencer
Posted by Spencer on June 12, 2003 at 12:01:24:
If you use a calender tax year, Dave is right. If your company is on a fiscal year, there are still some deductions you could take. What type of entity are you using? Is this passive or active income?
The best materials are at http://www.alaiello.com for investors.
Spencer
Re: Tax Reduction Strategies Needed! - Buy an SUV! - Posted by Bob K
Posted by Bob K on June 12, 2003 at 11:57:26:
Think about buying an SUV
Here are two articles my CPA sent me… I took him up on his tip and just purchased at 2002 Eddie Bauer Expedition. That $25k I spent can be completely written off of my business gains. That saved alot of $$ in taxes - plus I needed a new vehicle anyway. Check the Section 179 election out with your CPA - it may work well for you too.