Quick Tax Moves Before Year End

You know that feeling when you're rushing to finish your holiday shopping on December 24th? Well, tax planning can feel the same way – except the stores don't stay open late on December 31st!

For last-minute tax moves you might want to consider...

S-Corp friends: Look at your salary vs. distributions for 2024. If you're not taking enough salary, we've still got time to fix that. (Trust me, it's better to handle this now than explain it to the IRS later!)

Been eyeing any new equipment? Yes, if you got cash and a tax problem, these can help you. But they need to be bought AND used in your business before the ball drops.

For all my business owners (S-Corps, partnerships, and self-employed folks): Time to check those estimated tax payments. Better to know now if you're short than get a surprise in April. (And nobody likes tax surprises – they're way worse than ugly holiday sweaters!)

Property owners, I'm looking at you too: Get those repairs done before year-end if you can. December repairs = 2024 deductions. January repairs = waiting a whole year to claim them.

These aren't just generic tips from some accounting blog – these are real strategies we're using with our clients right now because we do them ourselves.

Here's clip of JT going over some year end stuff with a client recently. Enjoy, https://www.instagram.com/p/DCkehxWJNWH/