3 End-Of-Year Tax Tips
December 18, 2019
nice guys : )
Tax Tips

While December means holiday festivities for most, if you are a small business owner you’ve probably got taxes on the mind. Luckily, there are several ways to prepare and maximize your business for tax season.

Tip #1: Create a tax preparation checklist

The first thing you should do before tax season is make sure you have everything you need. According to H&R Block, for small businesses this will include documents of income, cost of goods sold and expenses. For a full checklist of everything that could fall into these categories, click here.

Tip #2: Update your tax forms

Every year, the IRS implements tax reforms. So, it is important to make sure that your business is equipped with the latest forms. Garvey’s updates all the forms and envelopes we sell to meet IRS regulations. This guarantee provides peace of mind and ensures timely and efficient filing.

Tip #3: Consider giving to charities

Keep in mind that if your business donates cash to charity by December 31st, your company can write off that donation in this year’s taxes. If cash is not an option, consider non-cash goods such as clothes, furniture or vehicles. Not only will this help your business during tax time, but it will also provide holiday spirit among employees. Ask your accounting firm or accountant to set up a giving plan if you don’t have one in place already.


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