Without belaboring the point that it's mid-March (one month left, folks, either file those extensions or file the taxes...one or the other!), here's a little tip for those of you who want to take advantage of some last minute deductions.
If you're operating a small business that employs other individuals, you can set up a SEP (Simplified Employee Pension) and deduct as much as 25% of the employee's compensation. Check out this article in the LA Times for further info, including a great quote from CPA Robert Pesce. What can I say...any time an accountant says something takes "two seconds" to set up, I'm game!
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