Try These Tax Ideas for Your Business Before the Year Ends

Are you a business owner? Then chances are you’re already busy getting ready for your taxes. Personal taxes can be a pain for many people, but business taxes can be even more complicated. This is a very important time of year for just about every business because making the right moves now can help save you a bundle on your taxes in a few short weeks or months when you file your return.

So what can you do right now to effectively prepare for the end of the year? There are actually many different strategies you can use. Instead of paying a big chunk of your income to self-employment tax you can choose to be taxed as an S-Corporation. You can even make it retroactive to January 1, 2015. You just need to fill out and file the paperwork and make sure you take some money out for payroll for yourself.

Another move you can make if you own a business is to put your kids on your company payroll. Provided your children are actually doing the services that they are being paid for you can earn a nice tax break. If you pay your kids through a single member LLC or through a sole-proprietorship and your child is younger than 18 then your business doesn’t have to withdraw payroll or FICA taxes. Your children can also use their $6300 standard deduction against the income you pay them.

You can also start a 401k plan before the year is over or you can turn your 401k or traditional IRA into a Roth IRA. Another option is to spread your income out and push some of it into the next year, which can reduce your tax liability. Likewise, you can increase your expenses in the current year. Lastly, consider purchasing an SUV or large truck for your business, which can be a huge depreciation deduction. 

There are many other year-end tax strategies that business owners should consider. You can speak with the experts at GROCO for more tax-savings advice. Just call us at 1-877-CPA-2006 or click here.

Posted in
Mel Sauders; MVP Kids Interview

MVP Kids: Promoting Social & Emotional Learning for Children

Transcript of Mel Sauder interview by Alan Olsen, Host of the American Dreams Show “MVP Kids: Promoting Social & Emotional Learning for Children”:   Alan: My guest today is Mel Sauder. He’s the president of MVP kids. Mel, welcome to today’s show. Mel Sauder: Thank you Alan, thank you for having me Alan: So Mel, for the listener…

Creating A Better Future With Science – a Moment with Jim Demetriades

Transcript of Jim Demetriades interview by Alan Olsen, Host of the American Dreams Show “Creating A Better Future With Science”: Alan Olsen: My guest today is Jim Demetriades. Jim, welcome to today’s show. Jim Demetriades: Delighted to be here. Thanks for having me. Alan Olsen: So Jim you have quite a, you know, extensive background with some great…

Mike Andrews

Mike Andrews – Predictive Maintenance via Data Analytics

Transcript of Mike Andrews interview by Alan Olsen, Host of the American Dreams Show, “Predictive Maintenance via Data Analytics”: Alan: I’m with Mike Andrews. Today he’s the Founder and Managing Partner at Hawkstone Capital, and also serves as the CEO of Paper Airplane. Mike, welcome to today’s show.   Mike Andrews: Thanks, Alan. Thank you for having…

Justin Donald

Justin Donald – The Lifestyle Investor

Transcript of Justin Donald interview by Alan Olsen, Host of the American Dreams Show, “The Lifestyle Investor”: Alan: Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Justin Donald, welcome to today’s show.   Justin Donald: Thanks, Alan Great, to be here excited to hang with you and talk with…