Do you own a small business?
Do you run your own business?
Are you a solo entrepreneur?
If you are any of the above, it is imperative that you connect with an accountant or tax advisor to do tax planning and year end planning in November and December every year.
This allows you to take advantage of strategies such as:
- Deferring income
- 401k contributions
- Accelerating expenses
- Calculating bonuses
- Declaring salaries for single owner S Corporations
- Including personal use of auto and self-employed health insurance benefits
- And many more tax saving strategies!
You may be under the belief that you are limited in what you can do with your adjusted gross income or because your sales are over $1,000,000 – but don’t let those numbers fool you. There are still strategies we can plan and take advantage of no matter how high your income level is.
You want to talk with an accountant or a tax preparer who is well versed in your industry and in your small business needs.
Don’t let the upcoming holiday season make you too busy to take advantage of tax loopholes that can benefit you! What are you doing to get your holiday bonus?