April may still seem far off, but you can score more deductions and credits on your 2012 tax bill by working the system at the end of the year. Try these last minute tax tips to lower your bill and keep more money in your pocket.
Make a Charitable Contribution
Charitable contributions are tax deductible. Old office supplies, unused equipment, and cash can be donated to charity. To ensure that they qualify for inclusion on your 2012 taxes, donate items on or before December 31st.
Depreciate Property
You can depreciate 50% of qualified property bought and used in 2012. The cap is $139,000 this year, so it’s a good time to buy that new copy machine or laptop you’ve been holding out for.
Add to Your Retirement Fund
One of the best last minute tax tips we can offer is to add money to your retirement fund. Adding money to an IRA or 401K can be done at the end of the year as long as you haven’t already contributed the maximum amount allowed. If you don’t have a retirement fund already, consider starting one. It’s a great way to save on your tax bill. And as a bonus to the incorporated businesses: don't forget your business can make a tax-deductible matching contribution as well!
Make Energy Efficient Upgrades
There are many tax credits available for businesses that become more energy efficient, and there are lots of ways to go green at work without breaking the bank. Here are 5 inexpensive ways to go green at your office.