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Year-end tax advice for small business owners

The end of the year is coming up fast, particularly for small business owners. While there are a million details to resolve in what may be your busiest time of year, it is wise to think about the fiscal health of your business. There are a several tax and financial tips that can make a big difference going into the New Year.

6 quick tips that will help

These will help close out the year and may point to additional deductions under the new tax laws.

  1. Review your books: Look at how the company did. Have your accountant who will be handling your taxes check to make sure all the details are as accurate as possible and you have all necessary information in hand.
  2. Defer income: It may be possible to defer payments until after January 1, which can help lower your tax obligation if you had a big year.
  3. Spend money: Figure out if there is room to maximize deductions by spending more on your business. This can be as simple as paying bills in advance or even stocking up on office supplies.
  4. Check your inventory: If the market value of your inventory is down, owners may be able to claim additional deductions.
  5. Create a retirement plan: Owners can reduce their income by paying into a retirement plan. If you have one, increase the amount to the legal allowable amount.
  6. Give to charities: Charitable donations to recognized non-profits can also bring down the size of your tax obligation. And it need not be cash – other items include clothes, toys and goods. Be sure to claim fair market value.

What if something does not look right?

If something does not look right as you go down this list, contact both your accountant and an attorney knowledgeable in tax law and business. These professionals can help resolve issues before they become major problems in the coming year.

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