The closing of a calendar year is a great time to review your tax savings strategies, even if your fiscal year has a July 1 start instead of a January 1 start. With a few weeks left to go, it’s not too late to make important changes. Here are some business tax tips to consider.
Many investment products allow you to put in a maximum amount of money in a calendar year. Now is the time to review your past contributions for the year. If you have the resources and you haven’t met the limit, increase your contributions.
Review Your Deductions
To keep more of your money, you’ll want to take the greatest amount of appropriate deductions for your business. Then, you’ll want to consider the pros and cons of itemizing your deductions. A tax consultant’s advice is invaluable in weighing your options.
Update Your Estimated Quarterly Tax Calculations
When you don’t pay enough in estimated quarterly taxes, you could face an underpayment penalty from the IRS. Avoid spending that money unnecessarily by working with a tax consultant to ensure your calculations are adjusted to accurately reflect the estimated quarterly taxes due next year.
Need Business Tax Tips in Las Vegas Valley?
As a leading local tax consultant with many business tax tips prepared especially for companies, S.J. Meyer & Co. is ready to assist clients who are ready to set up a business to succeed. We’re also here for those seeking improved tax strategies year-round and a lower risk of a tax audit for business. We deliver superior accounting and auditing, tax planning and preparation, and business set-up and planning services, as well as Quickbooks consulting and specialized forensic accounting. Our team of top-rated financial professionals has earned a stellar reputation for attentive service and dedication to our clients’ needs. We welcome your questions about wealth management, estate planning, business taxes and S corp tax planning, too. Contact us today to speak with a dedicated tax advisor for year-end business tax tips.
Reliable Business Tax Tips and Strategies for Maximum Year-End Savings
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