Quote:
Originally Posted by raymor
Just a tip for people who may not know and a reminder
for those who do. For most webmasters, the tax year
will be ending in three weeks, so to minimize your
taxes you'll want to take care of any business expenses now.
That'll get your taxable income down, which will reduce
your taxes. It might be a good idea to even take a quick
look to see if you're right on the border between two tax brackets.
If you are close to a higher bracket, it can definitely save
you a lot of money to spend a bit to stay in the lower bracket.
Buying some content, prepaying for scripts like Strongbox,
or whatever other expenses you can take now could save
you thousands of dollars.
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This would be more true is you expect to make less money next year, otherwise you are trading reduced taxes today for increased taxes next year (because you shifted out expenses from one year to the other).
This would be doubly bad if you expect income to increase next year, as whatever you save this year might be lost even more over next year if you move up a grade in taxes.