Are you a business owner who knows you could be utilizing their business even more for tax savings? Or waits until the last minute to prepare your taxes and work with your accountant? Well first of all, you are not alone. But more importantly, you are missing out on some crucial tax planning opportunities by waiting until the year is already over!
There are many strategies you can use to minimize taxes, spread out income and/or expenses between years and plan for future years. However, you have to look at these items BEFORE the end of the year. Some of these tactics have deadlines and if you want until April 15th (or even October 15th) it is simply too late!
Here are a few of the topics we will be reviewing:
Which contractors/vendors should receive 1099s
Using qualified plans to reduce taxes
Wrapping up expense accounts
Expenses in 2016 or 2017
Other tax savings strategies