5 money-saving year-end tax tips
Ugh, taxes. One of the most stressful parts of running a business is preparing for tax season.
What do you need to know as you approach year-end?
How can you potentially save money in taxes by making some smart moves before December 31st?
What many business owners don’t know is that the way you wrap up your year financially can have a BIG impact on your taxes in the Spring.
Most people aren’t aware that you can do things like making certain purchases which could reduce your taxes for next year. Cha-Ching!
I share 3 tips for organizing your expenses, what you need to know about recording your income, 5 big purchases to make now – and more. There are a LOT of helpful tips packed into a very short podcast this week!
In this episode I share:
- 5 tax tips to save money in taxes
- 3 action steps to take to get organized around your business expenses
- A short list of legitimate business tax expenses
- A bonus money-organizing tip that will save you time for NEXT year
- How long you need to keep your receipts
- What you need to know about recording your income
- Why you should hire an accountant (even if you’re just starting out)
- 5 examples of BIG purchases to make to save money in taxes
- How to plan for setting up a retirement account
- Basics about SEP-IRAs and independent 401ks
- Why I align getting ready for tax season with the solar plexus chakra
Listen to this episode so you can feel confident and empowered knowing that you know how to record your business expenses AND your income, hire an accountant, spend before year-end, and set up a retirement account.