I am not much for resolutions. But, in the spirit of the New Year I would like to offer one that makes a lot of sense for small business owners. First, here is a little history. Over many years small business owners have been working to get some certainty about tax credits and deductions. Some will know this as “tax extenders” others might know Section 179 expensing. Essentially, small business owners have been working to try and get Congress to make some of the provisions permanent or to at least get multi-year extensions.

the ceo magazine, tax saving tips,
Gary C. Smith, President & CEO, NAEIR

If yours is like many companies, you’ve got pallets of excess inventory taking up valuable warehouse space and putting a drag on your bottom line.  

The good news is, there’s a smart, easy way to turn that slow moving inventory into a hefty asset. One that doesn’t involve profit-devouring discounts or liquidation hassles. It’s called product philanthropy. And for C Corporations, it’s one of the best kept secrets of the IRS tax code.   

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