With the fall season closing in, it won’t be long before the end of the year is here. Rather than save all tax-related questions, concerns, and responsibilities for December and January, now is the time to review your situation.
Below are three fall tax tips for small business owners to consider and ask their tax professional about:
- Spend money. Time is running out in 2018, so don’t shy away from spending money on your business to maximize deductions. Do you need to upgrade your equipment? Is it time to spend more on advertising? Can you make vendor payments now, as opposed to waiting until the new year? If you can buy it in 2018, you might as well do so.
- Get organized. You may have plenty of time right now, but you know how busy things can get when the holiday season arrives and the end of the year begins to close in. By getting organized now, you can avoid a hectic situation in the future. From gathering receipts to running reports, there are things you can do well in advance of the new year.
- Plan on ways to decrease revenue in December (and maybe even November). This sounds crazy, as every company shares the goal of increasing revenue month over month. However, if you can defer payments from December to January, you can effectively reduce your 2018 tax bill.
You don’t have to follow these tax tips in September. You may not even get around to it in October. But remember, the end of the year is coming soon and you will eventually run out of time to improve your tax situation.
As a small business owner, one or more of these tips may help reduce your tax bill for the current year.
The most successful business owners have a Tax Strategy Plan in place before the year begins so they are never reacting but instead having a proactive Tax Strategy in place throughout the year.
Capital Advisory Group, Inc. can certainly help you maximize tax savings for the 2018 tax year. Plan ahead for 2019 and schedule your Tax Strategy Planning Session Today. (636) 394-5524