The Three Things You Must Do Now for 2009 Tax Planning

The more time you have to plan for your income, the less taxes you’ll pay.

No planning and no time = more taxes.

To pay less tax in 2009, there are three things you must do RIGHT NOW:

( 1) Look at your business structure. If you have a Single Member LLC for your business and haven’t elected tax treatment, you’ll be taxed as a Sole Proprietorship. That means higher taxes, more risk and more chance of IRS audit. Are you ready for a C Corporation? Or, do you need to switch your C to an S?