Year-End Tax-Planning for Businesses & Business Owners

• Set up a Self-Employed Retirement Plan - If you are self-employed and haven't done so yet, set up a self-employed retirement plan.
• Defer Debt-Cancellation Events - Depending on your particular situation, you may also want to consider deferring a debt-cancellation event until the next fiscal year, and disposing of a passive activity to allow you to deduct suspended losses.
• Increase Basis in Partnerships & S-Corps - If you own an interest in a partnership or S corporation you may need to increase your basis in the entity so you can deduct a loss from it for this year.