With year-end approaching faster than we care to admit, it's important that we fellow business owners have a plan. Specifically, a plan to save as much in taxes as allowed by the law. As you know, a lot of tax deductions are no longer available after December 31st, and some tax policies changed for 2022:
CARES Act for deferred Social Security taxes is ending, Employee Retention Tax Credit has ended, and the Excess Business-Loss Limitation rules have changed, just to name a few key items that could affect your 2022 tax filings.
There are some things you can do after year-end to save on your taxes (but not a lot), so it is important to ensure your business bookkeeping is organized, categorized and has up-to-date financial reporting prior to the year-end. If you are a newly established small business, ensuring your long-term assets and liabilities are set-up correctly, and your owner contributions are accounted for, is one of the biggest steps you can take to ensure better tax-preparation. With a little bit of planning now, you can save on your taxes come April 15th next year. Whether you are just starting your own business, or have been in business for many years, I can help you organize, categorize, and report your financial standings directly to your tax expert, saving them time, and you, money! If that's something you'd like to explore, I'd love to connect.