260 - Your End of Year Action Plan

On today's episode of the podcast we're creating your end of year game plan for getting the most out of your tax savings. 

Don't forget, Tuesday, December 13, I'm hosting two free masterclasses titled "7 Legal & Tax Myths: Busting Through the B.S. That's Costing You Money" to help ease your nerves before tax season whether it's the end of year stress around bookkeeping, filing your LLC or S Corp in the New Year, and overall transitioning your business into a new year. This will be the last time you can join ProfitRx until it reopens next year AND I'll be giving away some never-before-seen bonuses.  Register to join at www.bradendrake.com/masterclass

As always, I want to remind you that the end of the year is NOT the time to start making big purchases and increasing your expenses to get a deduction. If it is a necessary business expense, maybe. But spending to spend is not it because you will not save as much as you spend. I explain this in detail in my latest blog post that was inspired by this episode titled, Your End of Year Action Plan. 

You also need to consider your tax rate and rate changes before you make any end of year purchases.  Will your business grow next year? Will you have additional income sources from you or a spouse? These things all affect your tax bracket. If you are going to go up a tax bracket next year, save your expenses for January. The higher your bracket the more you save with each tax deduction. If you expect an increase in income, spending in December isn’t the move.

For more steps on getting maximum tax savings, check out the Your End of Year Action Plan blog post.