In the month of December what do you think about… family, food, shopping? At this important time of the year, many business owners don’t give their tax situation a second thought.

What can you do to maximize your tax savings before clock strikes midnight on December 31st?

Barbara Weltman of Inc.com offers these 10 steps:

Step 1: Add to your revenue.
Step 2: Pay off accounts receivable.
Step 3: Make capital investments.
Step 4: Stock up on supplies.
Step 5: Distribute profits.
Step 6: Save for retirement.
Step 7: Make charitable donations.
Step 8: Get slow movers off your books.
Step 9: Adjust your estimated taxes.
Step 10: Get ready for new 2006 tax laws.

Source: 10 Steps to Year-End Tax Planning

Recommended Reading:

• MotleyFool – Year-End Tax Planning Tips, Part I
• MotleyFool – Year-End Tax Planning Tips, Part II
• Google.com Search – “Year End Tax Savings”