The days left in 2019 are dwindling. Quickly. Don't just take my work for it. Check out the countdown clock over in the right column of the ol' blog literally clicking away the seconds left in this year.
That means it's time to act to cut your taxes.
You can check out my monthly tax moves (thank you!) for November and December for some possibilities.
While I did mention in those earlier posts (the November one specifically) the Tax Cuts and Jobs Act's 20 percent tax break for small businesses that operate as passthrough entities, most of those earlier tips are for individual taxpayers.
But I haven't forgotten all y'all business folks, of which I, too, am one.
So for this weekend's Saturday Shout Out, I'm turning to some business tax specialists.
The first batch of year-end tax moves for small business owners comes from David Rae, a Certified Financial Planner and Accredited Investment Fiduciary.
Among the topics in Rae's recent column for Forbes are a look at the various small businesses retirement plans and claiming bonus depreciation. Check it out.
There's also good business tax information from attorney Kenneth S. Savell, who's also Senior Tax Analyst at Bloomberg Tax & Accounting. In his article for CPA Practice Advisor, he examines buying a business vehicle and other company-needed equipment, as well as when to defer or accelerate financial transactions. At the risk of being repetitive, check it out.
Whether your business tax return is filed as part of your personal tax return or a separate business form, be sure to look into all the ways that could help you reduce what you and your company will owe Uncle Sam.
Just do so soon. The tax cut clock is ticking!
You also might find these items of interest:
- Business tax deduction changes under TCJA
- 4 tax matters that matter for the self-employed
- End-of-year hires of WOTC workers could provide a tax benefit for businesses
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