Tax Tip - Year End Business write offs

Here are some tips you might consider to help reduce your 2008 tax liability if you are self employed or a freelancer.

• Purchase needed supplies now - such as paper, printer ink, office supplies, equipment and take the deduction on your 2008 taxes.
  
• If you are in the market for a new piece of equipment. Now may be a good time to purchase. You may be able to find it on sale as retailers rush to lighten their inventory. You can claim a 179 deduction on your depreciation schedule for the entire price of the piece of machinery.
• Consider charity donations - either to charitable organizations or your church. However, this deduction can only be taken if you itemize using Schedule A.

If you have specific questions, give me a call. I will be glad to help you find the answers that you need.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865