To save on taxes in 2009, small business owners should begin tax planning in Q4.

Tax planning is a process of looking at various tax strategies in order to determine when, whether, and how to conduct business so that taxes are reduced or eliminated.  Keys to tax planning often include reducing your taxable income and tax rate, posponing income and accelerating deductions. It’s also important to consider the implications of potential tax credits and the affect of  Alternative Minimum Tax (AMT) rates.