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DRDA CPA specializes in accounting, business advisory and the BORSA plan, a dynamic program through which small businesses can obtain start-up money and capital via qualified plans such as a 401(k) or IRA rollover. Whether you’re closing out your first year in business or you’ve been operating for some time, it’s never too early to start preparing your company’s tax files for the upcoming return. Here are some key points to remember:
Now is the time to purchase supplies and equipment for your office. If you can see an expense coming soon and you have the cash flow, go ahead and buy it now. Here are some items to consider: · Office supplies: Stock up on paper. Inc. letterhead write-downs pens and paper clips, every little bit is a deduction. · Pay your bills early and receive a tax deduction on those expenses such as cell phones, rent, insurance, utilities. These can all be paid in advance, giving you an extra deduction. · What about office equipment? If you need that new computer, or copy machine, now might just be the time. Just remember, if you're going to deduct your equipment you need to have it in the office before the end of the year. It’s also the perfect time to get rid of your bad debts. If you use the accrual method of accounting you declare your income when you bill for the work. What this really means is you pay taxes on the money before you actually receive it. However if the bill never gets paid, then you have a bad debt and that's a deduction. Even if you receive a judgment in small claims court, you may never be able to collect. Remember, in order to take a bad debt write-off, you need to keep records showing all your efforts to collect payment and why the debt is now considered worthless. If you know you're going to owe money at the end of the year, it can be a good idea to make an estimated tax payment at the end of December, instead of the beginning of January. This will reduce your federal taxable income this year instead of next year. Don't forget property taxes as well. If you pay local licensing or business tax assessments make that payment in December and take the deduction now.How about your retirement plan? Contributions to defined contribution plans, such as a 401(k), are deductible, if you set them up before December 31 even if you don't make the contributions until after the new year, even if you're self-employed. It's not too late to consider a one-person 401(k) plan. If you don't have employees, you can set aside as much as $45,000 or up to $50,000, if you're over age 50. What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
· Office supplies: Stock up on paper. Inc. letterhead write-downs pens and paper clips, every little bit is a deduction. · Pay your bills early and receive a tax deduction on those expenses such as cell phones, rent, insurance, utilities. These can all be paid in advance, giving you an extra deduction. · What about office equipment? If you need that new computer, or copy machine, now might just be the time. Just remember, if you're going to deduct your equipment you need to have it in the office before the end of the year. It’s also the perfect time to get rid of your bad debts. If you use the accrual method of accounting you declare your income when you bill for the work. What this really means is you pay taxes on the money before you actually receive it. However if the bill never gets paid, then you have a bad debt and that's a deduction. Even if you receive a judgment in small claims court, you may never be able to collect. Remember, in order to take a bad debt write-off, you need to keep records showing all your efforts to collect payment and why the debt is now considered worthless. If you know you're going to owe money at the end of the year, it can be a good idea to make an estimated tax payment at the end of December, instead of the beginning of January. This will reduce your federal taxable income this year instead of next year. Don't forget property taxes as well. If you pay local licensing or business tax assessments make that payment in December and take the deduction now.How about your retirement plan? Contributions to defined contribution plans, such as a 401(k), are deductible, if you set them up before December 31 even if you don't make the contributions until after the new year, even if you're self-employed. It's not too late to consider a one-person 401(k) plan. If you don't have employees, you can set aside as much as $45,000 or up to $50,000, if you're over age 50. What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
· Pay your bills early and receive a tax deduction on those expenses such as cell phones, rent, insurance, utilities. These can all be paid in advance, giving you an extra deduction. · What about office equipment? If you need that new computer, or copy machine, now might just be the time. Just remember, if you're going to deduct your equipment you need to have it in the office before the end of the year. It’s also the perfect time to get rid of your bad debts. If you use the accrual method of accounting you declare your income when you bill for the work. What this really means is you pay taxes on the money before you actually receive it. However if the bill never gets paid, then you have a bad debt and that's a deduction. Even if you receive a judgment in small claims court, you may never be able to collect. Remember, in order to take a bad debt write-off, you need to keep records showing all your efforts to collect payment and why the debt is now considered worthless. If you know you're going to owe money at the end of the year, it can be a good idea to make an estimated tax payment at the end of December, instead of the beginning of January. This will reduce your federal taxable income this year instead of next year. Don't forget property taxes as well. If you pay local licensing or business tax assessments make that payment in December and take the deduction now.How about your retirement plan? Contributions to defined contribution plans, such as a 401(k), are deductible, if you set them up before December 31 even if you don't make the contributions until after the new year, even if you're self-employed. It's not too late to consider a one-person 401(k) plan. If you don't have employees, you can set aside as much as $45,000 or up to $50,000, if you're over age 50. What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
· What about office equipment? If you need that new computer, or copy machine, now might just be the time. Just remember, if you're going to deduct your equipment you need to have it in the office before the end of the year. It’s also the perfect time to get rid of your bad debts. If you use the accrual method of accounting you declare your income when you bill for the work. What this really means is you pay taxes on the money before you actually receive it. However if the bill never gets paid, then you have a bad debt and that's a deduction. Even if you receive a judgment in small claims court, you may never be able to collect. Remember, in order to take a bad debt write-off, you need to keep records showing all your efforts to collect payment and why the debt is now considered worthless. If you know you're going to owe money at the end of the year, it can be a good idea to make an estimated tax payment at the end of December, instead of the beginning of January. This will reduce your federal taxable income this year instead of next year. Don't forget property taxes as well. If you pay local licensing or business tax assessments make that payment in December and take the deduction now.How about your retirement plan? Contributions to defined contribution plans, such as a 401(k), are deductible, if you set them up before December 31 even if you don't make the contributions until after the new year, even if you're self-employed. It's not too late to consider a one-person 401(k) plan. If you don't have employees, you can set aside as much as $45,000 or up to $50,000, if you're over age 50. What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
It’s also the perfect time to get rid of your bad debts. If you use the accrual method of accounting you declare your income when you bill for the work. What this really means is you pay taxes on the money before you actually receive it. However if the bill never gets paid, then you have a bad debt and that's a deduction. Even if you receive a judgment in small claims court, you may never be able to collect. Remember, in order to take a bad debt write-off, you need to keep records showing all your efforts to collect payment and why the debt is now considered worthless. If you know you're going to owe money at the end of the year, it can be a good idea to make an estimated tax payment at the end of December, instead of the beginning of January. This will reduce your federal taxable income this year instead of next year. Don't forget property taxes as well. If you pay local licensing or business tax assessments make that payment in December and take the deduction now.How about your retirement plan? Contributions to defined contribution plans, such as a 401(k), are deductible, if you set them up before December 31 even if you don't make the contributions until after the new year, even if you're self-employed. It's not too late to consider a one-person 401(k) plan. If you don't have employees, you can set aside as much as $45,000 or up to $50,000, if you're over age 50. What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
If you know you're going to owe money at the end of the year, it can be a good idea to make an estimated tax payment at the end of December, instead of the beginning of January. This will reduce your federal taxable income this year instead of next year. Don't forget property taxes as well. If you pay local licensing or business tax assessments make that payment in December and take the deduction now.
How about your retirement plan? Contributions to defined contribution plans, such as a 401(k), are deductible, if you set them up before December 31 even if you don't make the contributions until after the new year, even if you're self-employed. It's not too late to consider a one-person 401(k) plan. If you don't have employees, you can set aside as much as $45,000 or up to $50,000, if you're over age 50. What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
What's wonderful about money in a 401(k), is that even as it saves you money now in the form of tax deductions, you can also use it to fund a BORSA account. The BORSA can then be used to help you finance, a small business loan in the future. Contact DRDA CPA to learn more about how you can fund a BORSA plan for your future. The team at DRDA, CPA are experts in the BORSA plan, as well as ways to save money with your year-end deductions. Call 281-954-6040 today and set up your own BORSA before the end of the year. You’ve worked hard for your money and DRDA CPA can help you keep more of it in your pocket.
accountant business business tax business tax deduction capital gain tax income tax ira irs small business small business tax tax tax deduction tax return tax write off
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