SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
November/December 2018
Year-End Tips for Business Owners
If you own a business, the end of any year is a good time to review your practices and examine ways to become more efficient and profitable. Check out these considerations:
The Taxman Cometh
If you are a sole entrepreneur or own an S corporation, you may want to shift income to 2019 if you expect lower income then. Companies that pay bonuses to employees may want to look at income projections to determine whether to give them in December or January.Don’t forget that you are not only an employer, but an employee, too. If you have a 401(k) or other deferred compensation plan, you might also want to contribute more tax-qualified dollars to the plan before year-end.
Also, don’t forget your company may be responsible for filing IRS 1099 forms for independent contractors you’ve paid and employment taxes such as for federal unemployment insurance (FUTA). And, if you’re self-employed, you’ll have to pay self-employment tax.
Take Account
The end of year is a good time to take a long look at how you do business. Check your accounts receivable for laggards, and work out a system to get paid more quickly if you find late payments are a problem.Avoid IRS penalties for payment mistakes and late filings, and review the compensation and benefits you offer employees, including life and health insurance. By now, you should be in the middle or toward the end of completing your financial reports and gathering any receipts you’ll need.
Take Action
If your end-of-year accounting shows some flaws, act to correct them. Consider taking a big-picture look at your company to look at the financial, sales, marketing and other aspects of business.Review your tax strategy. If you need more tax deductions, this is a fertile time of year to find them. Check your tax strategy to ensure you put away the proper amount. Look at your sales and marketing efforts and put more money into them if your review of them indicates this will help.
Talk to your advisor and tax professional to learn more.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Active Planning & Investment Solutions and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly licensed and registered. Securities offered through Avantax Investment Services℠, Member FINRA, SIPC, Investment advisory services offered through Avantax Advisory Services℠, Insurance services offered through an Avantax affiliated insurance agency. Not all products and services are offered by all financial professionals. Products and services listed may only be offered by properly licensed individuals.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.