The fourth quarter is around the corner. That’s hard to believe, isn’t it?
Around here, the fourth quarter isn’t just when I yell at the Clemson Tigers to score again, but the time of year when we work really hard with our clients to predict and reduce tax liabilities. After all, there are some things you can do in early 2017 to reduce your 2016 liabilities, but not nearly as much as you can do now.
Here are some ideas:
Of course, I didn’t include things like “go out and buy a bunch of stuff to write off.” I don’t recommend this because I think it’s dumb, unless you need that “bunch of stuff” and have been putting it off. Expensing certain assets for tax purposes is a great move to reduce your taxes, but not to the detriment of your cash position.
So, please don’t use this as your only tax-reduction move, since it could strain your cash flow in the long run. Ask the question of your “Jonathan I. Godwin, CPA” and let him advise you.
If you’re already working with us, we’ve already had some of these conversations. I look forward to seeing you in a few weeks to do more planning. If you’re not working with us, what in the heck are you waiting for? Let’s get started!
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