When you look over your finances as a business owner, you need to consider your taxes in addition to your income and expenditures. It’s especially important to get your finances in order at the end of the year, but you shouldn’t wait until then to get started. Purchase some new equipment for the office, and consider making a charitable donation to a good cause. Here’s a look at some end-of-year tax tips for business owners.
Get Started Ahead of Time
The sooner you start getting your finances in order, the more time you have to make sure that everything lines up. Rather than waiting until the very end of the year, start dealing with your business’s finances ahead of time. Knowing how much you will owe in taxes helps you maintain a clear picture of what your finances look like. It also gives you the chance to get a head start on organizing your finances for the next year.
Buy New or Used Equipment
Whether you’re looking to buy the best and newest equipment on the market or you’re looking at used printers and scanners, you might find yourself with a nice tax deduction. Small businesses are especially eligible for these kinds of deductions, but remember that you must put your equipment into use before the last day of the year for your deduction to be valid.
Make a Donation
If you do it right, donating from your business can be as financially beneficial as it is personally fulfilling. You can donate money or your services, and you can get a tax deduction for your efforts.
Are you a business owner who has questions about taxes? Contact Kalil & Associates or look through our website. We are Tucson accountants who can help you prepare for the end of your year in a way that makes sense for your business. Give us a call at (520) 628-4264 to find out how we can help you.