As many small business owners are busy with holiday activities and making plans for 2012, it’s important to remember that there is still time to take advantage of several tax-saving opportunities in 2011. BMO Harris Bank offers 5 year-end tax tips and strategies for small business owners that can pay dividends come tax time.
“While 2011 may be a year remembered most for its economic challenges, there are things small business owners can still do to help them finish 2011 on more solid ground,” said Kara Kaiser, Regional President – BMO Harris Bank. “Before the holiday rush, now is the time to do a quick financial check-up with a small business specialist and your accountant to consider some straightforward tips and ways to help minimize the amount of 2011 income tax payable,” added Kaiser.
For small business owners (most commonly a sole proprietorship or partnership), there are a number of year-end strategies that can be applied to reduce the amount of income tax payable, including: