'Tis the season to slash your tax bill--and have a little fun, too.
Taxes may be the last thing on your mind this summer, but the warmest season of the year provides lots of opportunities to whittle away at your company's tax bill and plan ahead for the next IRS deadline. During the summer, clients tend to be more relaxed and ready to schmooze at tax-deductible dinners and events. Meanwhile, it's your accountant's slow season, making it the ideal time to revisit your tax plan and develop smart new money-saving strategies. But while most companies host an annual picnic or barbecue each summer--an obvious write-off--many fail to take advantage of the lesser known chances to cut their tax bills between Memorial Day and Labor Day. "There are more tax breaks available than business owners realize," says Alan Badey, an accountant at Citrin Cooperman & Co., a New York City consulting firm that caters to entrepreneurs. We've rounded up six strategies for you to consider in the coming weeks. Some are underused, some are unexpected, and others are creative twists on old standbys.
Visit www.inc.com/handson for more information on tax incentives for energy-efficient business.