I just received a copy of the J.K. Lasser’s Your Income Tax 2006 book, and as always, it is one hefty book. There’s something intimidating about reading a very thick book, more so when it deals with taxes. Taxes are not my most favorite things in the world, but like death, it is one of the inevitable realities of life.

There’s less than 45 days left for this year, and it is time to start thinking about taxes. To reduce your tax liability, you may want to increase your business expenses. Perhaps you’re thinking of designing and printing a new brochure, then you still have time to hire a graphic artist and having the brochures professionally done — and deduct those expenses from your taxes. Or you may want to buy new equipment, redesign your home office, or pump up your marketing spend. If you haven’t done so, you may want to think of opening tax-deferring retirement accounts such as Self Employment 401K. And of course, now is the time to start looking for receipts and other supporting documentation. Get a clearer picture now of your potential tax liabilities, so you can still plan and try to lower your tax bill.

You may want to read the press release we published last week Year-End ’05 Tax Tips from the Experts at J. K. Lasser. We’ll be adding more information on tax law changes that could affect your business in the next few days, but you may also want to check out our Controlling Your Taxes section.