Tax Reduction Strategies Needed! - Posted by lou

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 for investors.


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.