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Should I run my taxes to zero, if I can?
This question is part of the Focus Finance Roundtable: Effective Tax Strategies for Small and Medium-Sized Businesses on January 6th, 2011.
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Why stop at zero, why not go negative? My personal philosophy is to deduct every legitimate expense and to maintain adequate records with the proper substantiation and documentation. Then if the IRS wants to start a fight about anything I tell "What, you want some of this, Fool?"
Actually, there are some legitimate situations when you can both control your tax income (say, through section 179 or bonus depreciation) and in which you might want to minimize a loss (for example, you don't have any income to offset it). If tax planning wasn't so complicated it wouldn't be nearly as much fun!
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