As the holidays are quickly upon us, I’m sure the last things you are thinking about are your taxes. But taking a moment to assess your tax situation NOW could pay off big in 2010. Here are some year-end tax tips that could drastically change your tax situation.

Tips for Business Owners:

• Get Current. One of the most important tax tips I can give is to make sure your accounting is up-to-date. It is important that you have a complete understanding of your financial situation. Scheduling a year-end planning session with your accountant is a good idea and a good start.
• Procrastinate. I know this may sound crazy, but hear me out. If (and only if) your cash flow can sustain it, then wait until January to bill those end of the year clients. Any cash you receive in December must be included on your 2009 tax return as income, but if you wait just a few more days you can defer payment of taxes on that income for another year.
• Shop ‘til you drop. Purchase items that your business will need in the near future. Again this is if your cash flow permits. Some things you should consider are office supplies, equipment purchases or pay some bills early (i.e. business cell phone bill, utilities, etc). This year the sales tax and excise tax charged on qualified motor vehicle purchases is deductible.  So if you are in need of a new vehicle, it would be beneficial to do so by year end.
• More blessed to give. We’ve all heard the saying, “it’s more blessed to give than to receive”. And it’s true in more ways than one. Push an early 2010 charitable donation back to 2009, which allows you to take the deduction in 2010 instead of waiting until 2011. Be sure you get a receipt to support the tax deduction.
• Sock it Away. This is a great time to make payments to your retirement plan or setup one to reduce your business income before the year ends. Meet with your financial planner to verify the contribution limits and deadlines.

Tips for Individuals:

• Job-related moving expenses
• Job-skill improvement classes (including travel)
• Professional and investment publications
• Union or professional dues
• Job-hunting expenses (including travel)
• Child care expenses
• Home office deduction – working from a home-office
• New or used clothes, toys, and household goods given to charity
• Fees for tax or investment advice and tax return preparation
• IRA fees
• Client gifts

Note: These year-end tips will apply differently to each individual’s situation and accounting method. Seek professional advice to determine the best strategy for your transactions for tax purposes.

With the unemployment rate seemingly rising everyday many are being “forced” into entrepreneurship.  Most business owners would agree that business ownership is not for everyone.

No matter how you got there, I just want to help keep you there.  My goal is to KEEP SMALL BUSINESS IN BUSINESS.

Join us for a FREE teleseminar.  We will share the reasons “Why Businesses Fail and How Yours Can Succeed!”

Tuesday, September 9, 2009 @ Noon EST

Register

When starting a business there’s always a great deal of uncertainty that goes along with selecting the right entity type.  A business owner is unsure of whether or not they should be a sole proprietor, incorporate or form an LLC.

The purpose of this Club Call is to share the differences between each entity type and help you determine which type is right for you.  Join us for the power packed hour and leave a more informed business owner.

This call is open to all Club BTB members.  So if you haven’t joined yet….WHAT ARE YOU WAITING FOR?  Club BTB is only $1 for the first 60 days and IF you decide to stay, it’s $47/month.  How can you say no to such a value???

Note:  We will provide a replay to all club members with 48 hours of the live event.

JOIN TODAY

As the holidays are quickly upon us, I’m sure the last things you are thinking about are your taxes. But taking a moment to assess your tax situation NOW could pay off big in 2009.

Here are some year end tax tips that could drastically change your tax situation.

Get Current. One of the most important tax tips I can give is to make sure your accounting is up-to-date. It is important that you have a complete understanding of your financial situation. Scheduling a year-end planning session with your accountant is a good idea and a good start.

Procrastinate. I know this may sound crazy, but hear me out. If your cash flow can sustain it, then wait until January to bill those end of the year clients. Any cash you receive in December must be included on your 2008 tax return as income, but if you wait just a few more days you can defer payment of taxes on that income for another year.

Shop ‘til you drop. Purchase items that your business will need in the near future. Again this is if your cash flow permits. Some things you should consider are office supplies, equipment purchases or pay some bills early (i.e. business cell phone bill, utilities, rent, etc).

More blessed to give. We’ve all heard the saying, “it’s more blessed to give than to receive”. And it’s true in more ways than one. Push an early 2009 charitable donation back to 2008, which allows you to take the deduction in 2009 instead of waiting until 2010. Be sure you get a receipt to support the tax deduction.

Sock it Away. This is a great time to make payments to your retirement plan or setup one to reduce your business income before the year ends. Meet with your financial planner to verify the contribution limits and deadlines.

That covers the business owners, now I hear the individual taxpayers saying, “What about us?” Here are some deductions for individuals that are often times overlooked.

1. Job-related moving expenses
2. Job-skill improvement classes (including travel)
3. Professional and investment publications
4. Union or professional dues
5. Job-hunting expenses (including travel)
6. Child care expenses
7. Costs associated with operating a business from a home-office
8. New or used clothes, toys, and household goods given to charity
9. Fees for tax or investment advice and tax return preparation
10. IRA fees
11. Client gifts

Note: These year-end tips will apply differently to each individual’s situation and accounting method. Seek professional advice to determine the best strategy for your transactions for tax purposes.

You will never believe what happened to me this week…..I had a free phone consultation with a new prospect on Tuesday. After 15 minutes on the phone, she was sold. I’m sure the fact that I was highly recommended by a current client helped a great deal. We ended the conversation with her stated that she wanted me to be her new accountant and she will being using my firm for both her business and personal returns. Two days later…..I got a call from another new client. Guess who referred him? You got it! The new client from Tuesday. Is that awesome or what?  That was certainly the highlight of my week. 

I am so grateful for the fact that 90% of my new clients have been acquired by referred by existing clients. I am so grateful for the fact that I have clients all over the country, many of whom I have never personally met. I am so grateful for the fact that after 15-30 minutes on the phone a potential client can see the value in the services we offer and are ready to move forward. I am grateful for the many clients like the one this week, that will refer someone to me before they even transact any business with me. 

So what’s my secret? Well…..I’m genuine. I truly love what I do and I believe people can immediately sense that. I sincerely strive to build a relationship with my clients. I like hearing about their kids, vacations, wedding plans and business goals. When the need arises, I patronize my clients businesses. I am always on the look out for potential referrals or gate openers for my clients. They know when they hire me….they get a new business partner. 

So I say again….who else needs a GREAT accountant?  A wise man once said….”it ain’t braggin if it’s true”