Looking to make a few tax moves before the year is over? See if these apply to your situation.
Review Your Entity Structure
How is your entity structured? It is a sole proprietorship, LLC, s-corp, or c-corp. Now is the time to review it to make sure you are using the correct entity to protect your assets and minimize your tax burden.
Review Your Expenses
Take a look at your income and expenses through this year. Would it be beneficial to move some expenses, especially larger vehicle and equipment purchases, into this year or delay into next year?
Accounting Records
Do not delay having updated accounting records. You should be working with your accountant throughout the year to make sure your books are updated.
Estimated Tax Payments
Did you make all of your estimated tax payments?
Retirement Plans
Have you implemented a retirement plan this year or would like one set up for next year? Are you able to max out your contributions?
Compliance
Start organizing your tax records and obtain any information you need as soon as possible. A common issue to avoid is not having a W-9 on file from your vendors who you need to issue 1099’s to.