Easy Year-End Tax Tips For Business Owners

Lesley Mast | December 11th, 2015
Tax Savings - Ohio CPA Firm

Put some extra cash in your piggy bank this tax season with these deductions.

In just a few days … this year will be history. And while you may have run out of time to wrap up (or start, let’s face it …) last year’s resolutions, it’s not too late to tap in to some last-minute tax saving strategies to help reduce your tax bill. Actually, there are quite a few things you can do to before the ball drops to secure some valuable savings.

Read: How Can You Best Prepare For The Upcoming Tax Season?

We’ve Done The Research For You

There’s no doubt about it, this time of year is busy! Family gatherings, shopping, decorating, cooking … sitting down at the computer to research tax deductions are probably isn’t ranking too high on your priority list. Happily, we’ve done the work for you. Check out the four articles below for some great tips, deductions and insight that will help you keep more of your hard-earned money in your bank account.

  1. What companies can do now to get ready for tax season: Are you willing to accept a larger-than-expected tax bill simply because you didn’t make time to touch base with your financial advisor before the end of the year? Well, if you failed to let your CPA know about any significant changes that occurred over the last year, you could miss a valuable opportunity. Read on to learn more.
  2. 5 Tax Deductions To Ease Your Business’s Tax Burden: From claiming the Ohio small business deduction to taking a personal vehicle deduction, these frequently overlooked deductions can result in real savings. Read on to learn more.
  3. Should I Make a Big Purchase to Cut Taxes?: Maybe you’ve been toying with the idea of buying a big piece of machinery for your business for a while now, but you haven’t really been sure if it’s the right move. A call to your tax advisor could help point the right direction. Oftentimes, business owners can realize some really great savings opportunities just by spending a little bit more. That’s right, you get the upgrade you’ve been wanting AND the tax deduction. Who said you can’t have your cake and eat it too?!
  4. Don’t Wait Until It’s Too Late! Year-End Tax Planning Tips: Business owners aren’t the only ones who are able to tap into last-minute tax savings. There are ways individuals can make the most of the month of December too. From paying state & local tax estimates by the end of the year to prepaying your real estate taxes, taking a little time to plan ahead can help put more money in your pocket.

Do you think you can benefit from any of these tips? Email a tax expert at Rea & Associates to discuss what you should do before year-end to take advantage of major tax savings opportunities you may have missed in the past.

By Lesley Mast, CPA (Wooster Office)

Want more? Here are more tips to help you start the year off on the right foot.

Employers: Are You Ready To Change The Way You Withhold Municipal Tax Payments?

How to develop a forward-looking financial forecast for your business

Don’t Start The New Year Without Updating Your Business Plan

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