Small Business owners need to understand next years tax planning strategies.

1. Year-End Tax Planning for Business
Owners
As the end of the year approaches, small business owners need to meet with accountants
or tax preparers to review tax-planning strategies.
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2.  The holidays are on us, and every business owner knows that
this means it’s time to plan tax strategies for the best way to
protect what your business has earned. To that
end, Businessweek has an end-of-year checklist for your
consideration.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  An important thing for the small business owner to keep in
mind in the context of New York asset protection is that the tax
code for 2011 has some special deductions for new equipment.
This is especially important if you’re involved in an expansion
or just starting one. The terms of the tax and jobs bill passed in
2010 hold that a business can deduct the entire cost of
equipment purchased (new or used) up to $500,000 (i.e., twice
what was possible in 2010 and several times the scheduled
amount of $125,000 for 2012).
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LAW OFFICE OF DAVID PARKER BLOG
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4.  Normally, the deduction is limited to the depreciated value of
the equipment over its life. If you do buy more than $500,000 in
new equipment, you can use the special “bonus” depreciation
up to $2 million. A lot can be done with this special deductions.
You might even want to consider moving your planned
expansion forward if it’s scheduled for next year to take
advantage of them.
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LAW OFFICE OF DAVID PARKER BLOG
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5.  If you’re a small business owner, your business is likely to be
entwined in your personal life, and important for considerations
of NY estate planning and other individual financial matters. If
you are at the helm of an S-Corp or an LLC this is especially
relevant and you’ll want to consider how your business finances
and personal ones fit together for tax purposes.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com