Taking Care Of Business

The end of the year is a good time to tidy up loose tax ends and fine-tune your tax planning strategies to maximize business net income. Here are three ways to make your company’s financial picture look brighter today and tomorrow.

Contribute to a Tax-Qualified Retirement Plan.

In return, you may find business tax deductions for costs related to running the plan and employer contributions to the plan. Additionally, potential growth in your individual account is tax-deferred until withdrawal.

Use the Right Bookkeeping Program.

Let your accountant know how you keep the books and develop a plan to record expenses, income and receipts in the most thorough way possible.

Take Advantage of New Tax Rules.

Again, your accountant can advise about the changes to business tax laws in 2018, including a new option to expense certain items immediately or over time.