Year-End Tax Tips for Small Business Owners

Ways to reduce tax liability for 2019 and beyond.

  1. Review Your Reports

  2. Defer Income

  3. Make Purchases

  4. Run an Inventory Check

  5. Start or Contribute to a Retirement Plan

  6. Contribute to Charity

  7. Start Preparing for Next Year Now

Tax Savings by Taking Bonus Depreciation and Section 179 Deductions

Accelerating Depreciation on certain types of business equipment to encourage business investment by gives businesses the ability to take advantage of tax savings by. These provisions allow you to expense more of the value of business equipment purchased this year, for a larger tax deduction.

Bonus Depreciation provision allows businesses to depreciate 50 percent of the adjusted basis of certain qualified property during the year that the property is placed in service. You should be aware that some states modify or deny bonus depreciation. Check with your state department of revenue to see what the provisions are in your state.


Section 179 Depreciation

Another form of accelerated depreciation involves Section 179 Property.

Need Assistance? 

THE MODERN HELLO.™ | TAX & FINANCIAL
TAX PREPARATION | Professional Tax Preparation that includes assurance that your return has been checked and double-checked for mathematical accuracy, tips for better managing your finances,  a list of common deductions that may benefit you in the coming year and tips for limiting your future tax liability.

BOOKKEEPING | Our Bookkeeping System (Quickbooks) Set-Up & Planning Services are designed for Business Owners who need to have a reliable, secure and most importantly easy way to manage their business finances. The Quickbooks system is a simple accounting software that is very user friendly. We will select the best package for your specific business type. 

  • Comprehensive Payroll Services | Easy to understand monthly, quarterly, and annual payroll tax reports including W2, W3, and 1099 forms. Online Real-Time Portal - Enter employee hours and earnings online, Direct Deposit Processing, creation and filing of required tax paperwork for new hires.

  • Cloud-Based Bookkeeping:

-Organize Expenses

-Control Cash Flow

-Manage Bills & Vendors

-Inventory Tracking

-Invoicing & Payment Processing

Tiffany Smith