Small Business Tax Strategist – Before you know it, 12/31/22 will be over and we will be in 2023. One thing we often talk about is that when the clock turns to 1/1, the vast majority of tax strategies are no longer available.
Today, we’re going to go over some of the best strategies you’ll want to think about in the last few weeks here, before the end of the year.
Small Business Tax Strategist
Last week we went over a ton of tax strategies you should consider before the end of the year. If you missed it, you MUST watch it now:
How To File Your Small Business Taxes [free Checklist]
Now we’re talking about specific year-end items that you should consider as we close out the year.
IRS regulations include a safe harbor rule that allows cash-based taxpayers to prepay and deduct qualified expenses up to 12 months in advance without question, adjustment or change by the IRS.
Here’s a solid, proven, simple strategy to reduce your taxable income for this year: Stop billing your customers, clients, and patients until after December 31, 2022. (We’re assuming you or your business has a cash basis and is operating under a calendar year.)
We also want to mention something important here. Bonus depreciation in 2022 is still 100%, but starting in 2023 it starts to decrease each year. Bonus depreciation amounts in the following years, without legislative changes, will be:
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For example, if you purchase $100,000 of equipment for your business and put it into service in 2022, you can deduct the entire $100,000 in 2022 using the bonus depreciation percentage. If you wait until 2023, you’ll only be able to deduct $80,000 (80 percent) in year 1.
Does this mean you should rush out and buy commercial real estate before the end of 2022 to take advantage of the 100 percent extra depreciation? Not necessary. For many businesses, the option doesn’t go away: IRC section 179 expenses.
Assuming you have a business credit card, you will receive your deduction on the day of billing, NOT when you pay.
The IRS code is written the way it is for a reason, so you can use it to your advantage.
Amazon.com: Tax Savvy For Small Business: Year Round Tax Strategies To Save You Money: 9780873379724: Daily, Frederick W.: Books
That’s exactly what we talk about every week on the Small Business Tax Podcast. How to ensure you maximize your deductions and plan to pay the least tax possible under the law.
As part of our tax reduction program, we’re taking things here and digging even deeper. We are talking about:
Okay, so hopefully the content we’ve been putting out over the last few months has given you plenty of ammunition to make sure you pay the least amount of tax possible this year.
If you haven’t checked out or blogged and last week’s podcast, what should I prepare for year-end tax savings? do it now.
Small Business Tax Strategies
Time is running out so get started now, today, and as always, make this the year you pay the least tax possible by law!
Now is the time to start paying less tax. Join our tax reduction program (with stress-free bookkeeping training)! We will work throughout the year to find every opportunity to lower your taxes while staying regular and avoiding audits.
We are a Miami-based tax strategist who works with small businesses year-round to minimize taxes and build more profitable and scalable businesses.
We leave nothing to chance and handle everything needed to identify and implement the best tax reduction strategies for small businesses.
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We make sure you choose the right business unit and then help you get the most out of that unit.
An S-Corporation conversion, along with benefits, income shifting and proactive guidance, will result in the largest tax reductions for most small businesses.
The most important tax decisions are made with entrepreneurs throughout the year, regarding equipment, employment, investments and benefits.
When you work with Pinnacle Taxx Solutions, you will receive proactive guidance and advice throughout the year to make the best decisions to minimize taxes, avoid problems with the IRS and grow your business properly,
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If you are looking for a tax strategist near Miami, Florida, we would be honored to connect with you and provide you with a free second opinion analysis.
We know that when we come together with a business owner or family in Miami, Florida and help them keep more of what they earn, they can give more to their own families, they can hire more team members, and their communities can benefit greatly . .
The biggest tax reduction strategy we use is simple planning. Our clients are trying to build a more profitable business while scaling beyond their current capabilities. The most effective tax strategies are found in the wise allocation of investments and equipment.
We can help you balance depreciation schedules for heavy equipment, trucks, production equipment and other large purchases so that cash flow and deductions are consistent with income fluctuations.
Can Small Business Benefit From Trump Tax Cuts?
Florida’s Leading and Preferred Tax Strategists – Pinnacle Taxx Solutions Protect your South Florida small business from the recession with our proven tax strategies
With the Pinnacle partnership, you get exclusive recession-proof strategies such as tracking your budget against actual spending to identify any deviations and make adjustments, improving cash flow and reducing outstanding debt with accurate billing and prompt collections, as well as other ways to save money on occasions.
If you are looking for a trusted advisor and accounting firm in South Florida that provides world-class service, is proactive and invests its time in the people and businesses of its local Miami-Dade community – Pinnacle Taxx Solutions is the one to connect with today.
As a full-service tax and accounting firm serving the Florida Panhandle, Pinnacle Taxx Solutions provides industry expertise, a strong strategic plan and the professional ability to effectively manage all aspects of accounting, adding value to the business.
Defined Benefit Plans For Medical Professionals And Successful Business Owners A Tax Strategy For Individuals With Self Employment Income And Small Business.
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Pinnacle Taxx Solutions Tax Strategists discover the most beneficial tax accounting practices and tax strategies for clients by supporting their accounting practices, capitalized costing and inventory solutions by analyzing current practices, offering advice and strategies to maintain compliance with federal law and recommending potentially beneficial changes.
As trusted advisors to our clients, Pinnacle Taxx’s tax strategists and tax preparation services deliver accurate tax returns by identifying savings opportunities.
Our goal is to minimize disruption to tax compliance and improve efficiency, thereby reducing tax compliance for our clients.
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Pinnacle reduces the uncertainty associated with income tax reporting with our range of tailored, innovative and dynamic tax solutions. Through our tax strategist’s technical expertise, we improve and streamline Florida’s small business tax processes.
We will work tirelessly to achieve great results for your business. If you are looking for a tax accountant in Florida or if you need bookkeeping services near Miami, Florida, we would be honored to get in touch and see if we are a good fit for you.
Don’t settle for amateur bookkeeping or do-it-yourself bookkeeping. We are the best accounting service in Florida and help your business grow. As a financial coach, your job is to filter out all the noise for your clients. After all, there is a lot of bad advice out there when it comes to managing your money.
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