The end of the year means it’s time to make sure that your financial affairs are in good order—and that means planning your general business deductions. Fortunately, this is easier than you might imagine! Here are some smart strategies that will help you reduce your tax obligation.
Pay next year’s expenses in advance.
If you already have expenses for 2019, pay them off now, rather than next year. This will not only reduce your taxes for this year, but will also allow you to start planning a larger deduction for next year.
Stop billing your clients for the year.
If you’re still billing your clients or customers, stop now! This will help to reduce your tax obligation for the year, and will get you to start thinking about planning better for the coming year.
Don’t neglect any of your deductions.
If you have legitimate deductions, don’t forget to claim them! Claim every deduction that you are entitled to, and don’t worry if it seems as if there are too many—what matters is that they are legitimate, not the total number.
Buy furniture and equipment now.
If you need furniture, equipment, or machinery for your business, buy it now, before the end of the year. You’ll be able to claim those purchases as a write-off if you do them before December 31, 2018.
Get reimbursed for your credit card purchases.
If you have made any purchases for your business on a credit card in your name, you’ll need to get reimbursed by the last day of 2018 if you want to be able to claim it as a corporation deduction.
If you’re in need of a capable accountant in the Tucson area, call The Royce CPA Firm. We are dedicated to providing the best accounting, bookkeeping, and tax preparation services to our clients! Fill out our online form to set up a tax appointment today.