Year End Tax Prep: Message from Trapp Technology CEO
The year is almost over, and yet there is still much to do. Many business owners forget the importance of their CPA or tax accountant at this time of year. Sure, we think of them during tax time, but now is when it is vital that you speak to them about your year-end to ensure that nothing is missed that could save you tax dollars. This list is just a few important year-end steps and things to discuss with your financial advisor.
- Review Your Reports – How was your year financially? This info is vital for your goal setting process and to ensure your books are up to date and accurate.
- Make Purchases – Now is the time to spend money on items your business needs so you can maximize deductions. Make a list of purchases you can make now to get the most out of your deductions.
- State or Contribute to a Retirement Plan – Make payments to your retirement plan or set one up before December 31st to reduce your income for this year. If you haven’t yet set up a retirement account, talk to a financial advisor to determine which plan is best for you and your business.
- Contribute to Charity – Not only is making a charitable contribution a great thing to do during the holiday season, but it can also be a good idea for your finances. And you don’t have to donate money. Just be sure to get proper documentation and a receipt for your records.
We have over 700 CPAs that utilize our cloud hosting service. We know that they’re unbelievably busy in the spring, but don’t wait until April to plan a tax strategy. We published a post about making a year-end decision to invest in the cloud that is worth a read.
Of course, I can’t publish my message without sending you my warmest holiday wishes. We’ve had a fantastic year, and we’re excited to see how we can build and innovate in 2014.
Best,
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