Close Out November & Gear Up For Smart Tax Strategies 📅💼
Hello December! With November in the rearview, now’s the prime time to finalize your books for the month and pencil in a date with your CPA. Knowing your tax standing can help you plan better and ensure you’re not caught off guard.
Sharing Is Caring! Here’s what Zumifi suggests you share with your tax advisor:
- Profit & Loss Statement: Covering January to November.
- Balance Sheet: Dated up to November 30, 2023.
- Asset Transactions: A breakdown of any fixed asset purchases from 2023 and assets you bid goodbye to during the year.
- December Forecasts: An estimate of the revenue and costs you anticipate for December 2023.
Some personal details might be pivotal in determining your tax liabilities. It’s wise to discuss with your CPA what specifics would be most useful. Sharing this data helps you grasp your current tax scenario and unlocks potential strategies that might need action before 2023 wraps up.
Buy Smart, Not Just For the Sake of It! A common myth: Buy more for your business to trim down tax liabilities. While this might seem to make sense at face value, delving deeper, it’s not always a prudent choice. Splurging $10 to save $3-4 on taxes means you’re still out of pocket for $6-7. Timing can be the key: If you’re mulling over a significant purchase in early 2024, consider bringing that forward to December 2023 for a tax deduction this year.
Real tax magic lies in strategic maneuvers that yield double benefits. Boosting your retirement contributions is one golden example. So, next time you hear tax advice at a coffee catch-up, remember that professional guidance tailored to your unique business situation trumps everything!
Zumifi’s Pro Tip: Seek your tax answers from a seasoned CPA. They’ll ensure your strategy is about paying less tax and maximizing your overall financial position.
Zumifi – Championing smart, informed tax strategies for your optimal benefit!