On
12.21.11 • In
2010 Tax Savings, 2011 Tax Savings, Phoenix CPA, Year End Tax Savings • by
Jeffrey Brooks, CPA, CFP, MBA
- No what your taxable income is as of a specific date.
- Prepare your personal tax plan or have us help you prepare your customized tax plan.
- Compute how much that cash disbursements (from 100% deductible expenses) must exceed cash receipts (from income).
- Come up with an amount that expenses must exceed income to get into a lower tax bracket and/or a refund.
- Make sure you are protected against tax penalties by increasing you federal/state withholding or estimated taxes.
- Make sure you are not in Alternative Minimum Tax penalty area.
- Invoice late so your patients/clients don’t pay until next year.
- Prepay expenses such as rent, (unless you own the building), office supplies.
- Buy that equipment but only if you need it! You do not need to pay for the equipment as long sign a contract payable and the equipment is in your office before year end.
- Buy certain types of vehicles that can be written off in the current tax year.
- You may be able to pay your children for business chores.
- Reimburse your Section 105 Medical Expenses now.
- Make sure your retirement plan has been established before year end. If you fail to do this, we have a way that you can take advantage of retirement plan by funding it before the due date of your tax returns.
- Your credit card can be used to get deductions this year and pay the card next year!
- Each of our clients have different situations, so the best way is to consult tax saving CPA to save taxes is just call us.
