{"id":359,"date":"2023-11-13T19:20:12","date_gmt":"2023-11-13T19:20:12","guid":{"rendered":"https:\/\/pastorjoebrock.com\/?p=359"},"modified":"2023-11-13T19:28:36","modified_gmt":"2023-11-13T19:28:36","slug":"prepare-for-tax-season-now","status":"publish","type":"post","link":"https:\/\/yeagercpa.com\/index.php\/2023\/11\/13\/prepare-for-tax-season-now\/","title":{"rendered":"Prepare for Tax Season Now"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"359\" class=\"elementor elementor-359\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ab5662b e-flex e-con-boxed e-con e-parent\" data-id=\"5ab5662b\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2e31a685 elementor-widget elementor-widget-text-editor\" data-id=\"2e31a685\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 01-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:image {\"id\":360,\"width\":\"596px\",\"height\":\"auto\",\"aspectRatio\":\"1.5012987012987014\",\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/yeagercpa.com\/wp-content\/uploads\/2023\/11\/stellrweb-djb1whucfBY-unsplash-1024x682.jpg\" alt=\"\" class=\"wp-image-360\" style=\"aspect-ratio:1.5012987012987014;width:596px;height:auto\" srcset=\"https:\/\/yeagercpa.com\/wp-content\/uploads\/2023\/11\/stellrweb-djb1whucfBY-unsplash-1024x682.jpg 1024w, https:\/\/yeagercpa.com\/wp-content\/uploads\/2023\/11\/stellrweb-djb1whucfBY-unsplash-300x200.jpg 300w, https:\/\/yeagercpa.com\/wp-content\/uploads\/2023\/11\/stellrweb-djb1whucfBY-unsplash-768x512.jpg 768w, https:\/\/yeagercpa.com\/wp-content\/uploads\/2023\/11\/stellrweb-djb1whucfBY-unsplash-1536x1023.jpg 1536w, https:\/\/yeagercpa.com\/wp-content\/uploads\/2023\/11\/stellrweb-djb1whucfBY-unsplash-2048x1364.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p><!-- \/wp:image --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>This time of the year most people aren\u2019t thinking about tax season. &nbsp;However, the best time to prepare for tax season is now. &nbsp;For business owners, taking the time to plan now can save you tremendously on your tax burden in a few months. &nbsp;<\/p><p>Here are some things that you should do now:<\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Have an accurate Year-to-Date Income Statement prepared:<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">&nbsp;&nbsp;By having this prepared you will be able to estimate your tax liability for 2015 and then you can make different business decisions the remainder of the year or pay in additional estimated taxes.<\/span><\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Consider off-setting your profit with the Section 179 Deduction:<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">&nbsp;&nbsp;Although this deduction automatically was reduced to $25,000 as of January 1st, 2015, based on recent years, Congress will most likely retroactively reinstate the deduction to $500,000 for 2015. &nbsp;The Section 179 Deduction allows business owners to deduct 100% of asset purchases in the year purchased instead of having to depreciate the asset over several years.<\/span><\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Stock up on Office and Business Supplies:<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">&nbsp;By Purchasing supplies that you are going to need in the near future you can further reduced your business income for the year.<\/span><\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Give away your inventory \u2013&nbsp;<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">If you hold any goods for re-sell, giving away inventory to charity or to promote your business creates a nice tax deduction because it increases your Cost of Goods Sold (COGS). &nbsp;This is especially good to do for old inventory that has been sitting around for a while.<\/span><\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Defer Income If Possible \u2013<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">&nbsp;If you have a business where you can control the timing of billing, wait a couple of weeks to invoice your clients. &nbsp;Payments received after December 31st will be considered income for the following year (under the Cash Basis of Accounting). &nbsp;This is especially nice if you have a business that does large jobs, like a contractor.<\/span><\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Advertise<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">&nbsp;\u2013 Advertising at the end of the year is great because you get the deduction in the current year but reap the income benefits in the following year.<\/span><\/p>\n<p><strong style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">Pay your bills early<\/strong><span style=\"background-color: transparent; color: var( --e-global-color-text ); text-align: var(--text-align);\">&nbsp;\u2013 If you\u2019re still looking for ways to decrease your business income for 2015 you can pay your bills before the end of the year and you\u2019ll likely be able to deduct the expenses this year. &nbsp;For example, if you mail your January 2016 rent on December 31st, you can deduct it in 2015.<\/span><\/p>\n<ol>\n<p><!-- \/wp:list-item --><\/p>\n<\/ol>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>*Please note that these tax tips are intended for businesses operating under the \u201cCash Basis\u201d of accounting. &nbsp;If you operate under the \u201cAccrual Basis\u201d then some of them may not be appropriate for your business. &nbsp;If you are unsure, then you probably operate under the \u201cCash Basis\u201d.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>If you have any questions regarding this or any other tax, accounting or payroll issue, please contact my office at 434-3089.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>This time of the year most people aren\u2019t thinking about tax season. &nbsp;However, the best time to prepare for tax season is now. &nbsp;For business owners, taking the time to plan now can save you tremendously on your tax burden in a few months. &nbsp;Here are some things that you should do now: Have an [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/posts\/359"}],"collection":[{"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/comments?post=359"}],"version-history":[{"count":7,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/posts\/359\/revisions"}],"predecessor-version":[{"id":372,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/posts\/359\/revisions\/372"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/media\/360"}],"wp:attachment":[{"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/media?parent=359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/categories?post=359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yeagercpa.com\/index.php\/wp-json\/wp\/v2\/tags?post=359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}