Track Every Business Expense
Even those out-of-pocket coffee runs for client meetings count. Make sure all business-related expenses are reflected in your profit and loss statement. A good accounting service will help you capture every deduction—even if you haven’t reimbursed yourself yet. All you need to do is keep them posted on anything you spent personally for the business.
Use Retirement Plans to Your Advantage
Want to reduce taxable income and boost employee morale? Set up a retirement plan. Contributions lower your net profit and show your team you’re invested in their future. It’s a win-win.
Time Big Purchases Wisely
Need new equipment or software? Buy before year-end if the cost is below the expensing threshold. Larger items like vehicles may need to be depreciated, so plan accordingly. QuickBooks catchup can help you see where you stand.
Hire the Kids (Yes, Really)
Hiring family members for legitimate work—like data entry or research—can be a smart tax move. Their earnings can even go into a Roth IRA. Just be sure to follow IRS rules and document everything.
Let BudgetEase Do the Heavy Lifting
Outsource accounting stress to BudgetEase. Whether you’re behind on your books or just want to be proactive, our bookkeeping service helps small businesses and nonprofits stay ahead. Contact BudgetEase today—because your tax strategy shouldn’t involve a shoebox full of receipts.