Year End Tax Tips for Your Small Business
As 2012 begins to wind down, you should be sure that you are in a good position to file your small business’ taxes in 2013. By doing your research and homework ahead of time, you can make sure that you save money on your taxes this upcoming tax season.
These deductions may significantly change your tax situation for next year…
- Holiday Parties – Throwing a holiday party for your employees is 100% deductible and if you are going to invite clients and associates, the party will be a 50% deductible. Talk with your tax specialist to ensure that you are staying within the rules for this deduction.
- Set Up or Fund your Retirement Plan – When you contribute to your retirement plan you can reduce your taxable income. You will need to meet specific deadlines and make sure that you stay within specific limits to ensure that the process is beneficial.
- Reimburse for Expense Accounts – Make sure to collect receipts and pay your employees back for any expenses that they incurred out of pocket. This way, you can be sure that you are able to lower your taxable income.
As you start to get ready to file your taxes, it is important that you keep these tips on mind. This way, you can be sure that you are able to start the year off in the best financial situation possible. Work closely with your tax specialist or tax advisor to ensure that you are making the best financial decisions possible.