3 Year End Tax Moves That Actually Matter!
In this episode of The UnTaxables, Haylee Kurka discusses three essential year-end tax moves that can significantly impact your tax liability. She emphasizes the importance of business structure, timing considerations for deductions, and proactive planning for the upcoming year. The conversation provides practical advice for small business owners to maximize their tax savings and minimize stress during tax season. Takeaways It's crucial to have the right business structure for tax savings. S corporations can provide significant tax benefits if structured correctly. Timing your deductions can impact your tax liability for the following year. Pre-giving to charity can help maximize itemized deductions. Don't rush year-end decisions; consider future income levels. Keep your bookkeeping up to date to avoid stress during tax season. Consult with a tax professional before year-end to strategize effectively. Reasonable compensation for S corporation owners is a critical area to address. Plan ahead to avoid last-minute tax season stress. Treat your tax professional with kindness during busy seasons.