023: Prime Year-End Tax Planning Happens When Q3 Ends
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The end of the third quarter (Q3) of each year is actually a special time for business owners to make sure the financial foundations have been set in place.
Whether you do this with your own accountant or you’re considering to do this process for yourself, don’t wait until the end of the year to have this conversation. Most importantly, don’t wait until everyone is already on a holiday or show up after 12/31 to find opportunities for deductibles in your existing accounting.
Again, the best work happens when the books are done – and that includes taxes.
In this episode, you will hear:
- Why is Q3 a good time for many things?
- What do you think 2021 going to look like for the 2020 tax return?
- Are expenses using PPP money tax-deductible?
- Additional tax payment and exemptions
- What does 9/15 mean?
- Evaluating overall payroll compensation (for S corp or LLC situations)
- Your best work happens when the books are done.
- Actual cash planning of tax
- Should you outsource bookkeeping?
- Setting up a tax account
- Charitable contributions and retirement planning
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Episode 022: Your Best Work Happens When the Books Are Done: https://www.profithero365.com/022-your-best-work-happens-when-the-books-are-done/