#167. Getting Ready for 2024 Taxes

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The end of the year is a crazy busy time with the Holidays and everything else going on so taxes typically are not at the forefront of your mind, but they need to be. There are certain things you can do to improve your tax situation before December 31st that you can't do after January 1st, so you need to have a plan. I usually try to have a general idea about what I want to do by the end of October or the beginning of November. During this episode we are going to give you somethings to think about so you can start to build the right plan for you.

What To Expect From Episode 167

So you own a business, does that mean you need to file a business tax return? The answer is maybe... We are going to help you answer that question and so much more. Here are some of the things we will cover.

Filing deadlines, April 15th, right? Not always. Here are some other deadlines we talk about.

• Partnerships and S-Corps (March 15)
• Single Member LLC, Sole Proprietor, Corporations (April 15)
• Extensions (September 15th and October 15th)
• Quarterly Tax Payments ( 15th of the month after a quarter ends)

One of the most important things you need to decide, is what is more important to you… show a profit or reduce how much you have to pay in taxes. You really can’t do both. No one wants to pay any more taxes than they have to, but to lower your tax bill you have to lower your profit which then hurts when you try to get financing.

Tax Strategies

• Reduce Taxes
• Maximize Profits

Strategies for reducing income:

• Business Strategies
  • Purchasing equipment and different types of depreciation
    • Use of accelerated depreciation
  • Expense planning
    • Prepaying expenses
    • Negotiating payment plans or future payments
  • Ensure you capture all your expenses, and account for all your deductions
    • Home Office
    • Business use of personal vehicle
    • Child Care
  • Revenue Recognition
    • Cash Basis vs Accrual
    • When does it need to be
• Personal Tax Planning
  • Retirement accounts
    • SEP
    • Traditional IRA
    • 529 College savings account
  • Health Savings Plans
  • Itemized Deductions
    • Mortgage Interest
    • Charitable Contributions
    • None-reimbursed medical expenses

If you have been slacking on your bookkeeping, get caught up now so you don’t have surprises early next year when you can’t do much about it

• Be ready to provide a summary of your business operation
  • Factoring company statements
  • Business bank account and transaction categorization
    • Some banks track your spending and categorize expenses. May require specific accounts or
  • Use an accounting firm
  • Multiple years of taxes needed, start with today and filed the current year. Don’t get overwhelmed. Strategically work your way backwards until it’s done. Small wins will get you there.