Smart tax planning is not a once-a-year event — it is a continuous strategy. But the final months of the year offer powerful opportunities to lower your bill before the books close. Here are strategies we recommend to our clients.
Maximize Retirement Contributions
Contributing to a 401(k), SEP-IRA, or traditional IRA reduces taxable income while building your future. Business owners have especially generous limits.
Time Income and Expenses
Deferring income or accelerating deductible expenses can shift your tax burden to a more favorable year. This is especially powerful for cash-basis businesses.
- Prepay deductible expenses before year-end
- Defer year-end invoicing where appropriate
- Harvest investment losses to offset gains
- Make charitable contributions strategically
Review Before December 31
Once the year ends, most opportunities disappear. A year-end planning session with our CPAs ensures you capture every available saving. Schedule yours today.
