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If you own a corporate enterprise, you may be able to better manage your tax situation with some careful planning. If you do your tax planning well, you could shell out less money in taxes. This leaves you with more money to enjoy for all your efforts. Any losses you make, any debt that a customer owes you or any equipment you buy could be used to strategically plan your taxes.

Net Losses

If you make a loss in running your business, you could get tax write-offs to reduce the amount of tax you pay. This requires some tax planning, since the IRS allows you to take such breaks in two out of five years. If you declare losses more frequently than that, the government could classify your business as a hobby and, even worse, make you ineligible for the write-offs you had earlier. Thus, you might find it worth your while to plan strategic purchases and aggressively collect on debts to put yourself in the black. For tax years 2008 and 2009, a time of significant economic stress, the federal government enacted a special provision allowing businesses to write off net operating losses for five prior years, rather than the usual two. They could also choose which years they wanted the write off. It is not clear how this provision will be handled in future years.

Depreciation Allowances

When you buy any capital equipment for use in the business, you could write off a part of the expense as depreciation every year. This too provides a strategy to plan your taxes so that you pay out less. If you are just about breaking even in a year, you may not have much income to write off the depreciation against. In this case, you may find it more worthwhile to plan your equipment purchase for a period when you expect to generate more income to write off the equipment depreciation against.


If you sold a good to a customer on credit and were not able to collect on the debt, you could take a write-off on the bad debt. This will have the effect of reducing your taxes. The debt must be directly related to your business to qualify. The trick is to plan your write-off so that you have enough income to set it off against and you minimize the amount of taxes you owe.