Accelerate your payments and delay your collections. Towards the year end, purchase any needed supplies and delay any collections. Purchasing supplies will lower your profit thereby reducing the amount of taxes paid in the current year. Delaying collections will lower your income level, thereby reducing the tax amount owed in the current year. Although the taxes will not be assessed in the current tax year, they will be delayed to the next year. â€œI definitely do caution business owners because, if they spend too much at year-end, in January, some companies, theyâ€™re struggling to make payroll,â€ says Robbie Hampton. However, this strategy really only works when the company is profitable.