It’s that time of year for business owners when you may be cleaning up files, finalizing the budget for the following year and finalizing your financials and accounting for tax preparation of the current year. Here’s a list of items to help you get organized for the Tax year and last minute deductions to consider in order to maximize deductions and put more money in your pocket.
Preparation:
- Gather income/expenses (credit card statements/bank statements/paypal/stripe)
- Categorize transactions properly by category and detail for tax purposes.
- If you are not using an automated system or spreadsheet, download the income/expense organizer.
- Note equipment purchases, auto detail, prior year tax documentation and detailed information related to specific situations.
Maximizing deductions for end of year:
- Annual renewals with full payment for the year (save with discounts and in taxes)
- Prepay support services/memberships
- Tools/apps/software
- Training/CE to jumpstart the new year
- Consulting support
- Services for Adhoc tasks for year end support
- Office Equipment/vehicles/Computer
- Bonuses/gifts/awards
- Marketing package/promotions
- Business Owner Retirement Planning
- Employee Benefits
