Get those ducks in a row!

As we are staring down the barrel of the holiday season and the end of 2021, it's very important to get your ducks in a row and prepare for next year. One very important step in the year end wrap up process is checking in with your accountant. This can be an actual meeting, or just some emails back and forth. Have them look over your books and give you advice on things to do before the tax year closes to help you hold on to more of your hard earned cash. Here are a few things they may suggest:
Set aside money to pay your tax bill if you haven't been paying estimate quarterlies or payroll taxes

Adjust your owner payroll/dividend mix in the new year

Start or fund an existing IRA or 401K pretax

Do open enrollment to sign up for Health Insurance or change your plan based on your life changes next year

Start or fund a Health Saving Account if you qualify

Start the discussion to move your filing to an S-Corp

Add your spouse or child to payroll to get additional savings

Make or hold off on large purchases of equipment or real estate

Make improvements on your existing real estate or equipment

Look at personal tax strategies, like refinancing, child tax credits, donations or health care costs that you should pull together.

This may seem like an overwhelming list of topics to cover, but we promise it will be worth it! Take a deep breath, kiss your dog and go for it!