You and your business have little time to find more tax deductions before midnight December 31.

To find business vehicle deductions, see the article in this issue titled “Last-Minute Tax Planning for Business Vehicles.”

In this article, you will find 12 non-vehicle business tax deductions and income-reducing strategies that you can use before the end of the year to reduce your taxes.

1. Quit Billing Customers and Patients

Here is one rock-solid easy strategy to reduce your taxable income: Stop billing your customers until after December 31, 2011. (We assume here that you or your corporation are on a cash basis and operate on the calendar year.)

Customers, patients, and insurance companies can’t pay what they have not been billed for. No bills equals no incoming cash payments and that means no taxable income. This is a time-tested tax-planning strategy that’s been used successfully for years.

Example. Sam Watson, a dentist, usually bills his patients and the insurance companies at the end of each week. During December, he does not send the bills. Instead, he accumulates the December bills and mails them the first week of January. Presto! He just avoided paying taxes on his December income by moving it to next year.

2. Use the IRS Safe Harbor to Prepay Your Expenses

You just have to give thanks to the IRS for its tax deduction ... Log in to view full article.