What Can Small Businesses Do to Plan for Tax Season?

There are only a few days remaining in 2015. The bad news is your time for tax saving for this year has almost expired. The good news is you still do have a few days to make some moves that can help you save on taxes for your small business. Not every move is right for every company, but many of these options are commonly employed by smaller business, especially when they are looking for a few more deductions at the end of the year. Let’s take a closer look.

Do you need a new truck? Although not every vehicle will qualify, getting a tax break is a great excuse to buy a new heavy truck, van or SUV, as if you needed an extra reason to buy a new truck. These types of vehicles are great for almost any business for day-to-day operations, but they can also give you a great tax deduction thanks to the Section 179 instant depreciation deduction privilege.

Another smart move to make before the year ends is to defer taxable income. If your business is eligible you can defer some of your income from 2015 to 2016, which could lower your tax liability for the current tax year. You can even purchase items in 2015 with a credit card and get the deduction counted towards 2015 even though you won’t pay the bill until 2016.

In addition, you can make payments for bills and other expenses with checks that won’t be deposited until next year, and still get the deduction for 2015. As long as you mail the checks in 2015 it counts towards this year’s taxes. You can also claim 50 percent first-year bonus depreciation for any new software and equipment your company purchases, which is another big tax break for small businesses.

It’s true that the sun is about to set on 2015 for good, but you can still check with GROCO to see how we can help you save money on your small business taxes before 2016 kicks off. Click here or give us a call at 1-877-CPA-2006.

/GROCO
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The True Value of Your Company May Be Different From What You Think

The True Value of Your Company May Be Different From What You Think

The True Value of Your Company May Be Different From What You Think Approaches to Value Intangible Assets Posted: 3/31/11 I’ve received a lot of inquires asking how to value a company that has yet to generate any revenue, has not reached profitability, and yet, it has a substantial history of expenses. Most are start-up…

To receive our free newsletter, contact us here. Subscribe our YouTube Channel for more updates. Alan Olsen, CPA Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world. Alan L. Olsen, CPA, Wikipedia Bio GROCO.com is a proud sponsor of The American Dreams Show. American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business. Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind. The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most. They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more.. American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included: Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work… Untitled_Artwork copy 4 MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement: In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges. Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

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