Year-End Tax Planning

Mike Miller TAX TIPS

Can you believe we only have a little over 6 weeks left in 2018? Time flies when you are having fun and working hard, right? Speaking of working hard, have you made more money than you were expecting and now need more write-offs to offset it? Even if you made the same amount of money this year, it would be a good idea to look at your tax situation and talk to your accountant about year-end tax planning. Here are a few ways that may help reduce your tax bill this year…

  1. Pre-pay some expenses at the end of the year that aren’t due until the beginning of January. Mail certified checks at the end of the year, so they won’t be cashed until January.
  2. Consider making donations to your favorite charities.
  3. Start or contribute to your retirement plan.
  4. Purchase assets for your business that can be depreciated.
  5. Consider purchasing a large SUV, truck or van for your business, so you can write-off the depreciation.
  6. Consider waiting until next year to send out some invoices to customers to collect income in the new year instead of this year.

All of the above depend on your business and personal tax situation. Check in with your accountant before the end of the year to ensure you are prepared for your 2018 tax bill. We are hear to help anytime.

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