November 26th through December 15th is the time to contact us…
If you are contemplating year-end strategies to lower taxable income, a thorough review of your year-to-date financials is required as a prerequisite. As a reminder, our office will be closed for two weeks during Christmas and New Year’s. It is a time when all of our systems are updated in preparation for the coming tax filing season.
We Get a Lot of Calls this Time of Year
Inevitably the question we get is, “should I buy something for my business before year-end?” Our standard response is always the same. Never spend money just to save taxes. Even though you might save $1 for every $3 you spend, you will still be out $2, so it is not a good financial move.
On the Other Hand …
- If the item you are buying is something you really need or want
- The item is something that will help you be more productive
- The item is something that will make your work easier
- The expenditure will increase your profit in the long-term
Then go ahead and do it.