Friday, December 09, 2016

7 Year-End Tax Tips for Small Business

From The Balance:

The end of the calendar year means a lot of things for small businesses. It's time to start thinking about what you want to achieve next year and work on your formal goal setting process. Your are probably in the midst of holiday shopping for your employees, vendors, clients and colleagues. And, of course, it's time to start closing out your books for this calendar year.

In fact, right now is the time to check-in with your accountant to see if there is anything you should be doing to make sure your business ends the year fiscally healthy.

A few small changes can make a big difference in your total income and tax liability for the year.

To get you started, here are a few important year-end tax preparation steps you can take in order to close out the year financially and take advantage of additional deductions.

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