Posted by glennster on October 24, 2008 at 13:49:11 from (99.131.129.77):
In Reply to: OT . Cost of business posted by Bryan in Iowa on October 24, 2008 at 11:24:11:
bryan, without knowing the particulars of your business, and why your tax liability has increased so much, the first thing i would do is look to your accountant, i have a cpa handle my businesses, along with an attorney. they will advise you as to how best to proceed. you do not want to enter a grey area of tax law and generate an irs audit. it is possible there are deductions available, or possibly investment in research and development, advertising, capital improvements, ect that decrease you profit on paper to lessen your tax liability.
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