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Simple last minute year-end tax savings strategies
If you’re like most small business owners in today’s faced paced world… you look up and find yourself having to do everything at the last minute with an ever growing list of things to do!!!
Well we wanted to make your year-end tax planning simple and easy so that you can save valuable time and money. Here are some quick and simple last minute year-end tax savings strategies for you and your business.
Cash basis business owners:
- Hold cash deposits to deposit until after the year flips, so that you defer income recognition into 2018
- Prepay expenses or vendors to accelerate deductions into 2017
- Consider using a credit card to pay deductible expenses before the end of the year. Doing so will increase your 2017 deductions even if you don’t pay your credit card bill until after the end of the year
- Maximize retirement and profit sharing contributions
- Purchase automobiles, computers, equipment or supplies needed in your business prior to the end of the year
- Maximize HSA and MSA contributions
- Maximize any contributions to your retirement plan – 401(k), IRA, etc
- Liquidate any losing investments to offset any realized gains that you had earlier in the year
- Make gifts to charities or last minute donations of unneeded belongings
- Distribute income from trust and estate accounts
We hope you enjoy these last minute year-end tax savings strategies, brought to you by GRA CPA.