The last quarter is upon us!! It is now time for the last push for the year 2007. This is also a great time to take a look at your tax situation so that you will be ready for tax season next year. Now is the time to get a strategy together for tax time, not the yearend. There are a few new tax provisions for 2007, and one many small business owners may want to look at is the Domestic Production Activities Deduction (Code Sec. 199).
This deduction many small businesses qualify for and it allows a deduction from taxable income an amount that is equal to a portion of the small businesses’ gross receipts. The deduction has now been raised to 6 percent (%) up from 3 percent (%) in 2006.
Be sure to speak with your tax advisor for additional rules and qualifications for the deduction. Get your last quarter N order.
Keeping your Business N Synergy