Year-End Tax Planning Tips!
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Am I doing enough to lower my tax bill?
You've worked hard all year. Don't let avoidable taxes eat into your profits! By making smart moves like timing your purchases, prepaying expenses, or deferring income, you can keep more money in your pocket. Even small shifts before December 31 can make a big difference at tax time.
Should I change how I pay myself or my team?
Your compensation choices affect more than just payroll. They impact your tax strategy too. Reviewing your S Corp salary or adjusting year-end bonuses and draws can help balance income, reduce taxes, and ensure you're paying yourself what you deserve.
Are there other ways to save on taxes?
Absolutely! Beyond expenses, you can boost savings through retirement contributions, charitable donations, or Health Savings Accounts (HSAs). These options not only help you do good and plan ahead, they also come with serious tax perks.
Meet THE AUTHOR
Hailey Yang
Hailey started BluuPrint to Profit in 2019 while she was working for a CPA firm. She was in the middle of helping this CPA firm build their bookkeeping department and saw a need that was not being addressed but widely accepted across the industry. In 2022 she left the CPA firm and poured all her resources into becoming a better business. Prior to starting her own business, she had been in the construction industry since 2014. She resides in Arizona with her family and in her free time, enjoys hikes and traveling.
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