The year-end checklist, prepaid expenses and the 12-month rule, timing income and deductions, and planning for a seasonal business.
9 guides, each written by a CPA licensed in the US and Canada.
Under the constructive receipt doctrine (Treas. Reg. 1.451-2), income is taxable in the year it is credited, set apart. Constructive receipt rules: |.
Tax PlanningSeasonal businesses face unique tax challenges because income is concentrated in a few months while many expenses occur year-round.
Tax PlanningSeasonal businesses face uneven income that complicates quarterly estimated tax payments. How to use the annualized income method to avoid penalties.
Tax PlanningCash-basis business owners can prepay up to 12 months of expenses before year-end and deduct the full amount in the current year.
Tax PlanningThe last quarter is when small business owners can still influence their tax bill. Year-end tax planning checklist by deadline: October (90 days left): -.
Tax PlanningA comprehensive year-end tax planning checklist covering equipment purchases, retirement contributions, estimated tax true-up, 1099 preparation.
Tax PlanningThe most effective year-end tax strategies for small business owners: income deferral, expense acceleration, retirement plan contributions.
Tax PlanningA comprehensive year-end tax planning checklist covering retirement contributions, equipment purchases, income deferral, expense acceleration.
Tax PlanningOctober through December is the tax planning window. Strategies include accelerating deductions (equipment purchases, prepaying expenses).