Year-End Tax Planning Checklist for Small Business Owners
Are you looking to lower your taxes? Now is the perfect time to go through a tax year-end checklist in readiness for the upcoming financial year. As part of your tax planning, you can get a comprehensive analysis of your tax obligations to bring down your overall tax burden whilst remaining fully compliant. This will free up money that you can reinvest in your business, add on qualified new employees, increase the money in your pocket, or even drive growth.
Use these 7 actionable items as your tax planning checklist.
- Review your current tax projection – Determine your basic tax issues and understand your tax bracket.
- Claim employee retention credit – You may be able to claim a tax refund before the end of the year!
- Contribute to a health savings account (HSA) – With a high-deductible plan, you may be able to save on out-of-pocket medical expenses.
- Evaluate office in-home situations – Find out what deductions you can make as a result of remote working.
- Establish a retirement plan – Take advantage of tax credit claims you can receive as a result of setting up a retirement plan for your staff.
- Determine projected capital gain/loss – Find out the profit you can claim from a property or investment that was sold.
- Determine business auto expense – Claim your bonus depreciation if you put an automobile into use.
Tax planning is a continuous process throughout the year. Don’t leave it to the last minute. Working with your CPA makes sure you avoid a last-minute rush to get everything in order.
Want to find out more? Click here for a detailed Small Business Tax Planning Checklist, or book a discovery call with RCN CPAs & Business Advisors.
