a community of practitioners
Not sure how applicable they will be this year since almost everyone's taxes will go up next year one way or another, but the usual suspect tax tips are always good practices
* Pre-pay expenses by Dec. 31st with any extra funds you can spare -- rent, utilities, products/supplies for treatments (not retail products you will sell, those go on your balance sheet), legal and accounting or IT or design fees
* Accellerate pay to any contractors , even if you were not due to pay them until after Jan. 1
* max out contributions to pre-tax benefits (401k, Health Savings Accounts, etc) with your last paycheck, even if it means take home pay is $0 (assuming you can affford this, of course)
* if you are an LLC or S-Corp and will show a profit this year, purchase any equipment or other depreciable assets before Dec. 31 to take advantage of accelerated depreciation and write it off on 2012. Even if it means putting it on a credit card, so long as the itnerest rate is lower than your MARGINAL tax rate. Phones, software, PCs, tables, hard goods, linen sets, anything with a useful life of more than a year
* Encourage end-of-year gift card or series redemptions so you can book the revenue and expense before year end.
Thanks R&R - this is good advice. I'm lucky because my husband understands how taxes work and makes sure we stay up on things like you mention in your list.
I want to get a new cell phone, and it might be a good idea to get it before the end of the year. I have an LLC, so that might be a good plan.
OK not totally coherent - it's been a long week and it's not over yet!