May’s year-end tax advice

May’s year-end tax saving advice for small businesses and business owners

  1. Organize the Chart of Accounts and eliminate inefficient expenses
  2. Use accounting software automation tool to capture complete expenses
  3. Outsource tasks to create efficiency
  4. Establish an ideal retirement plan to maximize pre-tax savings
  5. Deploy triple-tax-advantaged strategies like setting up an HSA account or paying your children
  6. Delay or accelerate certain income or expense items
  7. Don’t forget all the home office and car expense deductions:

Home OfficeCar
Mortgage InterestGas
Property TaxDepreciation
Repairs and MaintenanceFees
UtilitiesLease Payment
Cleaning and Janitorial ServicesTires
Homeowner’s InsuranceWashes
Umbrella InsuranceRegistration
Home Owner Association FeeParking
Front Foot Assessment or Other AssessmentTolls