Oh, December… this is easily my favorite time of the year and I hope that you also enjoy the holiday season as well.
Enjoy time with your loved ones and I hope you get to take a long vacation from work and business. But before you do this, I’ve prepared an early gift for you: 12 Money-Saving Moves Before December 31st.
Here are the 12 things you need to do before year-end…
Everyone hates paying taxes. Everyone wants to pay less in taxes
Unfortunately, most business owners don’t know how to find tax-deductible loopholes, so they merely accept things as they are. Some business owners are already working with great CPAs who are amazing at preparing tax returns but don’t know how to help their clients minimize their taxes.
Are you looking to cash out money from your 401(K)? In these uncertain times, the focus is on these two things: Cash Flow and Sources of Cash Flow. The Cares Act aka the stimulus bill includes great incentives for business owners, who need access to cash.
If you are a travel enthusiast my guess is that you will be constantly searching travel sites to find cool places to visit, or you could be wondering why you never have time to travel and promise yourself that something will change soon.
Tax planning provides a way for business owners to keep more of the money they earn. The key to tax planning is knowing the right deductions that will work for your unique tax situation. For example, getting an S-corporation election one of the most common tax planning strategies to lower self-employment tax.
Self-employment tax can be a nightmare for owners of limited liability companies (LLCs) and independent contractors. During tax season, they incur a larger than expected tax bill due to self-employment taxes. LLCs are the most common form of business because they are easy to establish. If one person owns an LLC, it is referred to as a single member LLC (SMLLC).
One of the greatest struggles of business owners is cash flow preservation - keeping more of the money they make. Being strategic about how and when to purchase supplies, pay taxes and how to claim charitable deductions can affect the amount of annual income or profit claimed, and therefore the amount of taxes owed.
There are many ways that small business owners can save on their taxes if they take action before year-end. So why do most business owners leave tax planning until the new year when it is a little too late? As a business owner, you work hard to earn your money, but it is not the amount of money you earn that counts - it is how much of that money you keep.
