This can be a time when many business owners tidy up those loose (tax) ends and look at fine-tuning methods to maximize your net income.
Here are three tips as you finalize this year and look forward to 2019:
Contribute to a Tax-Qualified Retirement Plan
We can help make sure you are aware of business tax deductions for costs related to running the plan and employer contributions to your plan. And remember other tax benefits—such as growth in the account being tax-deferred until withdrawal.
Use the Right Bookkeeping Program
Ask us if you need help in changing (or selecting) a bookkeeping platform.
Take Advantage of New Tax Rules
Depending on your business and other factors, there may be many ways the tax law changes may help you minimize taxes this year. For example: ask us about the new option to expense certain items immediately or over time if you haven’t talked to us about it yet. (Source.)
Have questions or want more advice? Give us a call to schedule an appointment: (513) 576-1989.