Fish(er) Tales

 These next two tips are old gems that never lose their luster:

Tax Savings

It’s time once again to gather up your income and expense reports and your business goals for the next year or two. This information can help reduce your tax burden through two legitimate methods:

• 1) Delay your income and
• 2) Accelerate your expenses.

Look for ways to either reduce the money you have coming in or uncover major purchases you can make before the end of 2009.

Bill your clients later and offer liberal credit terms. This lets you put off the income you would receive in December to January of the next year (worry about next year, next year!).

Contemplating buying a new computer or other gear? (I typically stock up on office supplies, postage, and similar consumables). Do it before December 31 and get the tax break from a legitimate business expense.

Holiday Business Gifts

Also, it’s holiday gift-giving time again. Never forget that the purpose of this gift is to thank your best customers for their support and to encourage them to buy from you again (and again and again).

So what makes the ideal business gift? (Hint: it’s not a tub of popcorn!)

Give them a discount coupon good toward your products and services. Add a thoughtful card — handwritten if possible — and you show your appreciation and earn more business, too.