#17 Review your corporate income before year-end
If you operate your business as a personal service corporation; a tax definition that applies to taxpayers performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Be aware that such corporations pay a flat 35% tax on all taxable income. Compare this rate with individual tax rates before deciding whether to pay out all corporate income as salaries or bonuses..