Year-End Tax Planning: More Than One Way To Enjoy The Holidays

Author - Adam Hodson | October 15th, 2024

Imagine sitting at your desk, not with a headache from running your business or trying to make holiday plans, but with a smile, knowing you’ve just saved thousands on taxes and set your business up for success. Sound good? That’s the power of year-end tax planning.

Last year, we were able to help several business owners improve their tax situations.  Here are a few examples:

  1. Dodging the 1099 Penalty Bullet
    After the holidays, the last thing most people want to think about is taxes which is why businesses often forget the January 31st 1099 filing deadline. Or they don’t send 1099s to the right vendors which can result in a penalty over $1,000 for each one missed. Starting this process early can check this compliance task off of your list early. 

  2. No More Tax Day Surprises
    When planning your holiday shopping, keep in mind that Uncle Sam is looking for a present too.  Your business income is different every year which makes it hard to make proper estimated tax payments (You are making estimated tax payments, Right?) Near the end of the year, we can estimate your taxes due allowing you to adjust your 4th Quarter estimated tax payment (up or down) to better plan your year end spending. 

  3. QuickBooks: From Headache to Helper
    Do you feel like QuickBooks is the Grinch who stole Christmas? It doesn’t have to be a headache.  We have been working with QuickBooks for over 20 years.  During that time, we have figured out a lot of ways to streamline the data entry process and make it suck less. 

  4. Retirement Plans: Not One-Size-Fits-All
    Are you worried that the Ghost of Christmas Future is going to show you your retirement just living on Social Security income (and cat food)? The key to a comfortable retirement is making a lot of small contributions each year to the right kind of retirement plan.  There are a lot to choose from.  If you procrastinate this too long, you will find that you will have to substantially increase the size of those small contributions. 

  5. HSA: The Often-Forgotten Tax Hero
    Want to give yourself a present this year? Setting up an HSA could fill your stocking with cash.  With the right kind of health insurance, you can turn non-deductible medical expenses into a tax deduction and it costs you nothing to do this. Heck, even if you don’t have medical expenses, you can still get a tax deduction over $4,000 per year.

These are just a few examples of how year-end tax planning has filled our clients with Christmas Cheer! 

My CPA is Too Busy to Do This!

This probably isn’t true.  

After a tax busy season that now lasts 11 months, we want to take some time off to enjoy the holiday season just like you.  But we will still make time to meet with our clients that need help and reach out to us.

Reach out to us early at info@AdamHodsonCPA.com . . .

Debits, Credits & Well Wishes,

Adam Hodson, CPA

Adam Hodson, CPA receives an affiliate commission from some of the products we recommend.

Tags :
Holiday Tax Planning,Tax Planning,Year End Tax Planning
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