Must Make Year-End Tax Moves for Small Businesses
Phoenix, Arizona tax professional, Mary Reha shares tax strategies that can save companies money
For many, the end of the year is a whirlwind of shopping, parties, families, and fun. But in all the excitement small business owners can’t lose sight of the calendar and the looming last day to make crucial tax moves that could save money.
According to Mary L. Reha, EA, co-owner of Phoenix’s Arete Financial Solutions, if your business doesn’t have a solid tax plan in place, now is the time to sit with a tax professional to create a roadmap to maximize your tax strategy.
“Whether you’re a solopreneur or own a larger company one of the costliest mistakes you can make is to not have a solid tax plan in place,” explained Reha. “A tax pro can help your company make the smartest tax moves that will directly impact your bottom line.”
Reha, who is one of a select group of Enrolled Agents who can represent individuals against the IRS, is a dynamic interviewee available to speak to your viewers and readers about the importance of business end–of–year tax planning and special considerations for 2021. Reha can give practical information including;
New tax laws that impact small business owners:
The change in charitable deductions
The increase in business entertainment deductions
Employee retention, sick leave, and family leave credits are available
Energy efficient building and other energy credits
Student loan repayments
Smart end-of-the-year moves:
Running a payroll for owners depending on the business structure
Adding or contributing to an IRA
Make any significant purchase before the end of the year
Important items to review at year-end
Review balance sheets, P&L, and assets purchased in 2021
All equity, distributions, and loans by owners
Personal and business taxes to determine if you can further reduce tax liability
Ensure all employee and contractor paperwork is completed
Understand the filing date for your business. Business late fees are high.
The American tax system is complex and ever-changing. Reha can help your audience get a handle on what they need to do by the end of the year and how changes in the tax law may benefit their business.
To arrange an interview with Mary Reha, please get in touch with Tess at tess@phxpr.com.
Arete Financial Services is a boutique firm centered on providing individuals and businesses with complete financial wellness. The Arete professionals offer a wealth of financial services including tax, accounting, financial planning, and legal all in one convenient location. Arete Financial and Legal Services office is located in the West Valley.
