With the yuletide season fast approaching, most of us are now gearing up. Even just thinking about the inevitable rush and frenzy that comes with it, even in this pandemic year, is already stress-inducing. Whether or not you celebrate the winter holidays, you can’t deny that December is one of the most hectic months of the year. But it can also easily be one of the best. It’s generally a time spent with family and close friends. So really, who wants to be sitting in front of the computer with a calculator and thinking about year-end tax tips instead of sipping hot chocolate by the fireplace?
If you own a business, however, the end of year is a great time for you to review your finances and start the coming year strong. The year-end also opens up some opportunities for you to save on taxes for next year. It definitely won’t hurt for you to start on your tax prep for next year’s filing as early as now. It will save you a lot of time (and a lot of stress!) come April if you start your tax planning now.
Inside the video
Here are the following year-end tax tips that I’ll be discussing in detail in the video:
- Tip #1: Review Your Numbers
- Tip #2: Minimize Income
- Tip #3: Maximize Deductions
- Tip #4: Plan For Your (Retirement) Future
- Tip #5: Review Your Systems & Processes
- Tip #6: Don’t Push Taxes to Tax Time
- Tip #7: Review Your Tax Structure
Check the video above to find out more about these year-end tax tips! Also, I included some tips about COVID-specific considerations that you should definitely look into. If you’re having difficulty juggling your business and personal life during this season, you can check out this blog to learn how you can find balance in your business during the holiday season.