Tips for Reducing Your Business Taxes

We will long remember 2008 as the year that scrap and core prices reached all-time highs and then plunged dramatically to near all-time lows. It was a truly wild ride. The newfound revenue during the first half of the year lulled some business owners into a sense of security that stimulated spending to match or even exceed income growth. Infrastructure investments were made assuming that prices would continue to increase or at least remain relatively high. Scrap and core recycling was the "in" business.

Now that the bubble has burst, some business owners are left to recover from their overly optimistic projections. Many may face enormous increases in their tax liability compared to prior years. Developing a strategy to deal with this before April 15th is critical to retaining as much cash as possible in the business during this lean period. It's not too early to start working on this. This Nugget's link will take you to a short article describing tips that might help reduce your 2008 taxes. Click on 7 Tax Tips for Businesses and Self-Employed Individuals to read it. Need more ideas? You will find many more tax saving ideas by clicking on Tax Strategies from Inc. magazine.

Another tip: be sure you retain the services of a good tax accountant. Consider the cost an investment, not an expense. Utilize your tax accountant not just for calculating last year's taxes, but more importantly planning to minimize your future tax liability.

Checkmate Tip: Navigating Long Fields Faster

There are keyboard shortcuts that make moving your cursor around the screen much faster and more accurate than using the arrow keys. This will be more and more important as you find yourself working with enlarged data fields such as part descriptions. There are only four to remember:

To move within a field such as "Description," the "Home" key will take you to the beginning of the field. The "End" key will move your cursor to the end of the last word in that field.

To move around the entire screen rather than within a field, use the "Page Up" key to take your cursor to the upper left field on the page and use the "Page Down" key to jump to the bottom right field on the screen.

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