Comments on: How to Reduce Your Taxable Income

By: STEVEN J. FROMM

STEVEN J. FROMM — Sun, 29 Dec 2013 16:05:48 +0000

Nicole, as to estimates, so long as you use the prior year tax safe harbor rules you will not be penalized no matter how large you liability may be in April. But most people feel uncomfortable knowing they have to come up with or put aside a large amount for taxes. Nowadays since interest rates are so low, prepaying or doubling up on estimated tax payment is the way for many.
As to year end planning, my blog has two articles that may be of value to your readers:
Small Businesses: 8 Great Year-End Tax Planning Tips and Tricks: A Must Read http://frommtaxes.wordpress.com/2013/12/22/tax-planning-small-businesses/ and
2013 Year End Tax Planning Strategies: Learn What Can Be Done Now To Save Taxes and Prevent Costly Mistakes at http://frommtaxes.wordpress.com/2013/10/08/2013-year-end-tax-planning-strategies-learn-what-can-be-done-now-to-save-taxes-and-prevent-costly-mistakes/
Hope this helps your readers and is not considered spamming. Just trying to give readers insights and information.

By: Anthony

Anthony — Fri, 13 Dec 2013 20:33:24 +0000

Wow.

This is the most straightforward advice on tax I have seen in a longtime. Great job on the article. I will definitely be bookmarking this one for reference.

By: Ruthie Spoonemore

Ruthie Spoonemore — Tue, 26 Nov 2013 20:30:01 +0000

Thanks for the great information Nicole. I’m not “in business” this year, but will definitely use it for my 2013 taxes.

By: Nicole

Nicole — Tue, 26 Nov 2013 01:59:41 +0000

In reply to Heather Stone.

Yes, the financial rollercoaster that is the entrepreneur’s life – exactly the reason to know your numbers at all times.

Thanks Heather, for stopping by. I appreciate it so much.

By: Heather Stone

Heather Stone — Tue, 26 Nov 2013 00:01:14 +0000

Hi there Nicole,
And thanks for sharing this post with the BizSugar community. I think this advice is particularly relevant to entrepreneurs since their incomes will invariably fluctuate. It’s also, as you said, important to consult an accountant first to make sure the purchases you make are appropriate.