If you are a calandar year corporation you can still reduce your corporate tax bill for 2010. Businesses that are using the accrual method of accounting (not the cash method) can take a 2010 deduction for payments of accrued salary and bonuses made to workers on or before March 15.
Unfortunately this does not apply to owner employees. Accrued amounts paid to them can be deducted for 2010 only if the payments are reported on their 2010 returns. The same rule applies to owners of any interest in an S corporation, personal service firm or partnership.
Additionally, charitable contributions can be made up to March 15th and be deducted on the accrual basis 2010 corporate return.
Larry Kopsa CPA
