As you count down the days until Christmas, you’re also counting down the days you have before you tie up the loose ends on your fiscal year to prepare for 2018 taxes.  We’ll walk you through practical and strategic tax moves you can make to close out the books, stay organized, and save taxes.  This will help you keep more money in your pocket and best plan for next year.There’s lots of information out there. On the one hand, some of the typical advice is so commonplace, it seems like common sense. On the other hand, there may be strategies and options you may not even be aware of yet.

This can lead to financial noise, creating confusion, procrastination, and overwhelm.  Instead, we want you face the end of year empowered and proactive.

That’s why we’re helping you sift through the information to discover the strategies that align with our community’s core values and principles.  Our filter is an abundance mindset, maximizing cash flow and control, and getting your money to do the most for you.

And if you’re feeling like year’s end is a ticking time bomb with so much left to do, use these simple resources as a guide.  You may be able to implement a few changes this year to make a big difference in 2018 taxes.  Better yet, you’ll be armed and dangerous with a head start to make 2019 your best year yet!

Customization Required

Your situation and needs depend on whether you’re doing your own accounting and hiring out tax preparation, or have an accountant.  In addition, the size and stage of your business, and your plans to scale and grow matter.

We recognize that there may be some things that don’t apply to you.  That’s great!  You’ll pick up information that will help you right where you are and also with where you are going.

And if you want to consider a shift that would really set you ahead, we have a recommendation for a tax strategist at the end, who may be just what you need to minimize taxes this year and every year going forward.

Many of these strategies translate over to your personal life too, where attention and intention help you make huge improvements!

One necessary disclaimer: we are not CPAs or tax professionals.  However, we do have them on our team, because tax savings done right is a crucial part of improving our and our community’s lives.  So, make sure you talk with a tax professional about what’s right for you.

Where Tax Planning Fits into the Cash Flow System

In the Cash Flow System, you first increase cash flow by keeping more of the money you make.  Then, you protect your money.  And finally, you increase and make more money.

Tax planning and strategy to increase your cash flow is part of Stage 1, your foundation.  When you keep more of your money, you increase current cash flow.  That is what allows you to build up capital and put it to work in cash-flowing assets, because the ticket to future cash flow from assets is current cash flow from income.

Five Hand-Selected Articles to Help You Have Your Best Tax Planning Year Yet

Our team has hand-curated five helpful articles to give you the full scope of your end of year closure and preparation.  I’ll share a brief synopsis of each here.  Be sure to check out the podcast for the full discussion.

1) Five Things Business Owners Can Do at Year-End to Lower Their Taxes, by Stephen Fishman, published on NOLO

This article covered most of the typical advice you hear about big financial moves to offload cash and raise this year’s deductions.

They recommend purchasing business equipment for the deduction and the depreciation, but without a clear caution to not purchase stuff you don’t need. While this seems like it should go without saying, way too many business owners buy a new truck at the end of the year to save taxes, meanwhile bleeding out cash flow in the form of an expense they didn’t need in the first place.

The article also suggests funding retirement plans,