Take Advantage of Carryovers
There are some tax credits and deductions that you may not be able to use within the current year because you have exhausted the limits but can use in future years to reduce your tax liability.
Examples include capital losses, contributions to charity organizations, home office deductions, general business credits, and net operating losses.
All of these deductions and tax credits can easily be carried over to the following years.
It helps to consult with a professional and highly experienced tax consultant to advise you on the deductibles allowed for your type of business, so that you can take advantage of as many of them as possible, to reduce your tax liability.
Do you want more practical tips like this? Go ahead and download this inspiring book right here. You can get a free review copy now before the official launch Monday, May 28th. It is loaded with practical tips.