September is the time to take stock of your small business’s financial health and start year-end tax planning. The sooner you prepare, the better positioned you’ll be to maximize deductions and avoid surprises in April.
Review Your Financials
Go over your income, expenses, and any outstanding invoices. Make sure everything is recorded correctly.
Consider Capital Purchases
Planning to buy equipment or software? Purchasing before year-end can help you take advantage of depreciation deductions or Section 179 expensing.
Retirement Plans for You and Employees
Setting up or contributing more to retirement plans can reduce your taxable income.
Charitable Giving
If your business plans to donate to charity, make those contributions before December 31 to qualify for deductions this year.
Bottom line:
Good planning in September can save money and stress later.
Small business owner? We’re here to help you get organized and optimize your taxes.
Call (678) 675-4268 or schedule here:
https://ilovedoingtaxes.net/schedule-now/
