Line up new bank and operations services now. That’s due to something called “ bonus depreciation.” If you need a vehicle, talk to your accountant for advice soon.ħ. If you need a new car, van or truck for your business, you may be able to write off a huge chunk of the cost – or even the whole cost for a vehicle weighing 6000 lb. Typically, computers have to be depreciated over time, but with Section 179 expensing, you’ll probably be able to write them all off this year.Ħ. C’mon, are you still using those old PCs from 2010? It’s time to upgrade, especially if you’ve had a good year. ► Retirement: See how 2022 changes to 401Ks, IRAs will benefit youĥ. Although you have until your tax filing deadline to set up and contribute to a SEP-IRA or solo 401K, why not take care of it now and get ahead on your retirement planning? So make that call and ask your accountant if you qualify.Ĥ. 31! If you had significant business losses or were forced to close due to COVID and retained payroll employees, you may be entitled to a federal tax credit. Or you may be entitled to some special tax benefits (see below).ģ. You may have had smaller profits in 2021 than you confidently expect in 2022. Get the tax advice that fits your business. ► The Daily Money: Get our latest personal finance stories in your inboxĢ. If you can legally write off an expense in December, you’ll get the deduction a whole year earlier. That way, you’ll defer the tax bite for a year. If you run your business on a cash, rather than accrual accounting basis, you might send out your December invoices late in the month to delay getting paid til 2021. In most cases, you want to reduce 2021 income (without actually hurting your pocketbook, of course).
“Accelerate expenses, delay income.” That’s the year-end tax mantra to help reduce your 2021 tax bill. If you, too, would rather squeeze the most you can out of this year rather than dealing with the relatives who came at Thanksgiving and won’t leave ‘til January 2, here are 15 things to do now.ġ. Yes, I know, I should be dreaming of Santa and sleighs, holidays and hot chocolate, but I’m thinking about how to make or save more money – and especially how to save on taxes – in these last few days of 2021. When December rolls around, I think about all the end-of-year things to do in my small business.
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