If you are worried about your tax bill, it’s not too late to do something about it!

Hopefully, you’ve got your receipts organized and recorded so that you know where you stand.  If you don’t have these ready yet - I don’t recommend trying to record every transaction now - it’s the holidays after all.  Just take a short cut - add up your receipts and make a ballpark estimate.  If you think you will have a loss - stop spending on your business until next year.  If you have income, consider the following:

1.  Make purchases of office supplies, pay bills, your assistant - whatever you can now.

2.  Consider buying office equipment and furniture.  Most people can take an immediate write-off of these items by using a special election on your tax return.

3.  Buy your big-ticket items now.  I’m talking about cars, motor homes, boats, etc.  NOT all of these will be business write-offs BUT - since the sales tax deduction is still available if you itemize, you could potentially save big with extra itemized deductions.

4.  Hire  your kids to work for you during the holidays.  Put them on the payroll.

There is so much that is possible with proper planning.  If you are feeling stressed about your taxes, contact your tax preparer right away  - it’s  not too late yet . . .