If you’re running your own business, then finding time to keep up on money-saving tax strategies can be a challenge — one that’s complicated by the fact that tax laws are constantly changing.
Here are three simple tax strategies to keep in mind as Dec. 31 approaches.
1. Run the numbers
The best thing you can do before year-end is get your accounting up-to-date and figure out whether you have a profit or loss, said Eva Rosenberg, an enrolled agent who publishes TaxMama.com and is a contributing writer for MarketWatch.
It’s best to do that now, while you still have time to make adjustments. Otherwise, “there’s no way to plan,” Rosenberg said. “I’ve seen too many people come to me and say, ‘Look, I have a $100,000 loss for the year’” — only to discover that the business owner has failed to correctly account for some item, such as inventory.
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