end of year tax tip for the self employed

[Office Solutions of West GA]

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary. In addition, you must be able to substantiate your expense.

If possible, move expenses ahead to this year and pay bills that will be due. If possible, move income into NEXT year. Both of these techniques are not always possible but when possible, do them.

Replenish your office supplies NOW and deduct them in 2011.

Great time to renew your Pcom commerce membership, too!