The end of the year will be upon us before you know it. And while most people may be focusing on the holidays, your company should be thinking about money. Taxes will come due shortly after the New Year, and you’ll likely have other expenses to deal with in 2018. But if you play your cards right, you may actually be able to save a dollar or two before New Year’s Day. Here are three things you can do to save your company some money at year’s end.
Conduct a Tax Pre-Mortem
Shortly after the New Year dawns, you and your accounting team will be in full tax preparation mode. But why wait until New Year’s Day to start? As the year closes out, work with your accountant to forecast overall tax liabilities for 2019. If you start early, you’ll have time to take action (via charitable donations, depreciating assets, buying new equipment, and so forth) to reduce your tax liabilities. This will help you save some money when April 15th rolls around.
Get Some Outside Help
A great way to save some money at year’s end is to get outside support. There are hundreds of firms that provide services to improve your overall financial readiness . Our team here at VerifiaBill is a great example of this. We can help your company reduce the risk of hidden fees and growing expenses. In doing so, we’ll ensure that you don’t spend more than you should on insurance.
Fund Your Retirement
Year’s end is a great time to assess your retirement account. Did you maximize your contributions for 2019? If not, consider funding the account prior to December 31st. Doing so will help you reduce your tax liabilities, and save you money when taxes come due.
You can save your company some money at year’s end if you are proactive. Consider these three tips, and others, as the year draws to a close. Doing so will put your business in a better position, and probably save you some money, too. So start getting ready today!