Are you needing more tax deductions this year?

End-Of-Year DeductionsTax deductions can drive us small business owners crazy! As a small business owner, it is important to know where you stand with your income, tax-deductible expenses, and your net income. Coming to the end of the year it is really important to have that answer. If you do not know, ask your accountant.

Want to invest in your business instead of giving your $$$ to the IRS?

As a B2B business, everything I do is a write-off for other businesses. Here are some ideas for business expenses during the last quarter of the year.

  • Look at the services you use throughout the year. Can you pre-purchase them this year and use them next year? This might also save you money if the service provider is planning on raising prices next year.
  • Can you get onto annual plans for things that you pay for monthly? This usually saves money and by getting the annual plan at the end of the year, the expense will always be at the end of the year. This could be things like Premium Websites hosting plan where you get 2 months free with annual payment, maintenance plans, IT plans, software, etc.
  • If you are a business that carries inventory – can you purchase more now at a lower price than you can next year? If so, make the purchase now.
  • Are you having any end-of-year sales? Black Friday, Cyber Monday? Look at advertising expenses for your various sales. (Read about my mega sale here.)
  • Have a client or office holiday party? These expenses can be deducted.
  • Holiday bonuses for employees? Thank the people who made you successful.
  • Ever considered adding employee benefits? This might be a great time to incentivize your employees to stay. Employee benefits can also be deductible.

This is NOT tax advice. Speak with a qualified tax professional to learn more. I am a business owner, like you. However, I have worked with my clients for several years with tax deductions in mind. I have several clients that buy now and use next year.

Year-End Tax Deduction Ideas from Premium Websites

In the past years, I have had clients do the following to increase their business tax deductions in the current tax year:

Let us know if you need year-end tax deductions. We can make the arrangements you need for your website success.