Can you believe it’s 4th quarter already? The months seem to go by faster and faster and 2014 will be here before we know it.
The last quarter is typically the busiest selling time of the entire year. It is also a great time to review your business and catch-up on bookkeeping tasks to insure you don’t overlook any deductions that you can possibly squeeze in before year-end.
Here are (3) possible deductions:
- Stock up on shipping, warehouse and office supplies for next year and use the deduction for this tax year.
- Need a new computer? Purchase before the end of the year and either expense the cost or depreciate over time. Good idea for those of us using XP and need to make the dreaded upgrade.
- Clear –out damaged inventory, donate that old stale stock that’s been around forever and reduce your inventory
Talk to your tax professional and ask about any potential deductions you may have overlooked to maximize your tax savings.
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Tags: tax deductions