The end of the year is a good time to start planning for taxes. For instance, do you have any large items you need to purchase for your business during the next couple of months? Then, if at all possible, now is the time to go ahead and get them! By purchasing items in 2007 for next year, you can save on the taxes you will be paying. Do you need a new vehicle in 2007? That would be a way to save quite a bit on your upcoming tax bill. What about tools? Some craft-related equipment can be very expensive and when you buy it can make the difference between saving now or a year from now! Remember that if your business is growing to a point to where you are confused as to what you can and can not deduct, it is time to hire a good CPA to help you with this task.