Most People Pay Too Many Taxes! Here is the US, the IRS estimates that we overpay by about $945,000,000,000 —- YES THAT IS BILLIONS!!! This is also true is most countries around the world!
Through my own frustration with the lack of questions that most Accountants ask their clients, I created my first signature programs for tax strategic tax planning! I began to realize that I could help small businesses save thousands of dollars every single year with strategic tax planning.
Here are 3 simple year end tax strategies that you can start to implement now, so that you can save as much as possible!
1. Defer expenses. For example, if you had a lower than expected year with less of a profit and you expect your profit to increase in the next year, you may want to defer as many expenses into the following year as possible so that you will save even more!
2. Make sure you know whether you file your tax return on the accrual basis or the cash basis. Most year-end tax strategies only work for cash-basis taxpayers. Accrual-basis taxpayers report all income in the year that it is earned and all expenses in the year that they are incurred.
3. Contribute the maximum to retirement accounts. If you are self-employed, the retirement plan of choice is a Keogh plan. These plans must be established by December 31 but contributions may still be made until the tax filing deadline (including extensions) for your 2014 return. The amount you can contribute depends on the type of Keogh plan you choose.
Money saving tax strategies can potentially find thousands of dollars in hidden profits within your business! If your accountant hasn’t offered you any money saving tax strategies, connect with me TODAY & schedule a free tax strategy session! MY team & I have helped find hundreds of thousands of dollars with our signature money saving tax strategies! You can still use your Accountant or CPA for their record keeping and tax preparation, just add our strategic tax planning and now you have a complete plan for success so that you can beat the IRS legally!
Money, Tax & Business Coach