YOUR PARTNER WILL BUY YOU STUFF

Every December, I remind business owners and CFO's (financial officers) to review their business de ductions for the year. If you use the calendar year as your fiscal or tax year, December 31st is a very important date.
Here are two important facts:
1. Depending on your tax rate, about 40% of everything you make will go to the Government, and the final accounting for most businesses comes on December 31st. The more you make, the more your "partner" will take in taxes.
2. Conversely, any legitimate business expenses you incur in the next three weeks come right off that tax bill. In the U.S., that means "Uncle Sam" is willing to chip in and pay for about 40% of whatever you buy for business purposes! Take advantage of that!
If you need new office equipment, a new computer, or routine office supplies, take action! For the next three weeks, they are "40% off!" If you can pre-pay some regular business expenses (insurance, rent, supplies or fees) by the end of the month, they come directly off your "bottom line" which means lower taxes in April.
Now, obviously, the expenses must be for legitimate business purposes. No cheating! And obviously you should check with your accountant or tax advisor for specific advice in your particular situation. But keep in mind that a few months from now you will pay taxes on every dollar of profit you make in 2009 and if you can legally reduce that amount by stocking up now, that's to your advantage. Think about it!

Quotes of the Week
"People become really quite remarkable when they start thinking that they can do things. When they believe in themselves they have the first secret of success." -- Norman Vincent Peale
"Success is neither magical or mysterious. Success is the natural consequence of consistently applying the basic fundamentals.” -- Jim Rohn
"Everything's in the mind. That's where it all starts. Knowing what you want is the first step toward getting it."
-- Mae West
“Life is either a daring adventure or nothing.” -- Helen Keller