With the deadline for your personal taxes just around the corner (and your corporate taxes a few weeks ago), it’s time to review if you’re doing what you can to save on taxes. Even if it’s too late for some of these strategies this year, it’s never too late to plan ahead for the 2008 tax year. So let’s talk about what to consider at the end of each calendar year.

Spend your time concentrating on ways to reduce your tax bill, not merely defer it. Here are some basic ideas to consider:

• If you own your own building, raise the rent you are paying to yourself. As long as that amount approximates market rates, you’ll be legally saving yourself FICA and removing money from the business in a tax advantaged manner. (more…)