episode 40: 5 money-saving year-end tax tips
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?
In this episode, you’ll learn 5 valuable year-end tax tips and steps to take now on the money front. Why right now? Because 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.
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 during next year’s tax prep
- 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 before year-end 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
This podcast is attorney advertising and does not establish an attorney-client relationship. It is educational and informational and not legal advice. Always work directly with an attorney about your specific situation. References to clients include truthful statements from real clients but their names have been changed to protect confidentiality. These client stories are not a guarantee, warranty, or prediction regarding the outcome of your legal situation. They are shared purely to educate and inform you about potential general legal issues that may arise in business. Guest experts have not been compensated for their interviews.