← 10 Year-End Small Biz Tax Tips

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By Elayne Fluker | Published October 5, 2011 | Full size is 621 × 480 pixels

Contribute to your retirement account. "Business owners pay themselves, but they don't take the time sometimes to set up a retirement account. They have options to set up a Simple IRA, a SEP IRA," says Bill Hampton. "There are a number of different options, depending upon their situation." He recommends speaking with a financial services professional and maintaining the discipline to contribute to the retirement account regularly. "It’s recommended you put it in every month because, at the end of the year, you may not have a large chunk of money to do it."

Contribute to your retirement account. “Business owners pay themselves, but they don’t take the time…