While the tax law cannot exactly make lemonade out of the lemons produced by a bad economy, it can help many businesses prevent a bad situation from becoming worse. Several Tax Strategy columns back, we outlined some tax planning ideas for individuals in a troubled economy. This column takes up where that advice left off, suggesting several tax strategies that can help businesses better deal with an economic downturn.INTRODUCTION
We generally take for granted that tax deductions are always advantageous by improving cash flow, that any business operating losses are temporary, and that bills will be paid, investments will pan out, and loans and mortgages will be repaid.
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