Year End Tax Savings Tip for Your Cash Basis Business

  • 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.
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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

Certified Public Accountant
Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com