Ending the year and looking ahead: TAXES

If there’s one thing that has been drilled into my head as a business owner, it’s that I want to reduce the amount I have to pay taxes on for 2010.

It goes against everything I did as a household manager — I always wanted to see my bank account flush with cash.  But a prosperous business account is another matter.

Over the past month I’ve taken some steps to reduce the amount of taxes I will owe when the IRS comes knocking in April.  Thanks to this article — Last Minute Tax Steps for 2010 — I had some guidance in making decisions about where to put my money.

What did I do?

  1. Invested in my IRA
    My retirement is important, and ever since I left KVUE, I was no longer contributing for a 401K.  Fortunately, I was able to transfer money into my IRA very easily and take advantage of the tax savings
  2. Bought much-needed office equipment
    Not only did I need the equipment for my business, I was able to buy more for less, because companies like Dell have been offering year-end savings.

What are you doing to save?

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