Strube CPA PC

Tax & Accounting Services for Individuals & Small Businesses

As we come close to year end, pay attention to any tax moves you may want to make in your Personal Finances or Business situation.

A common tax tip for a business owner is “buy equipment.”

But before you do that, here are two things to keep in mind: 
If you actually NEED that equipment, it serves a valid business purpose, and it will:

Then go for it!

But if it doesn’t meet those tests, skip it. You’re probably better off paying the taxes and keeping your cash.

Some other strategies to consider:

Sometimes you are better off paying the taxes and keeping your cash.

And if you are wanting to make any contributions (not conversions) to your pre-tax IRA, Roth IRA, HSA or Solo 401K; rest assured that those moves can still be done after year-end, so don’t rush to do those in a panic by Dec 31.