We are in the final month of 2020, but there are still a few key things to pay attention to in order to finish out the financial year in a good position. This podcast discusses tax withholding and safe harbor amounts, potential tax loss harvesting and end-of-year equipment purchases.

Resources: Bonus PDF attached, Commit To Yourself in 2021 Pledge.

What’s Discussed in This Episode: Literacy/Tactical: Top 3 Checklist Items to Finish the Financial Year Strong  

1. Intro
2. Successful Sip [1:55]
3. Safe Harbor Levels - avoid penalties on underpayment of taxes. [2:47]
4. Two levels: 110% of last year’s taxes and 90% of what you should have paid last year [3:30]
5. Emphasis of working with and referring CPA’s who think holistically. [4:20]
   1. Holistic view example - a dish with lots of ingredients
   2. Collaborative process with your CPA
   3. Work together to realize opportunities in losses - utilize them to restructure, repurpose and refine [6:24]
6. Tax Loss Harvesting with your CPA [4:46]
7. Equipment purchases/large expenditures at the end of the year. [7:30]
8. Service business example using a sample tech company [7:50]
9. COVID environment example/strategy considerations [8:55]
10. Summary of points made and benefits of being an entrepreneur and looking at the tax picture for next year - choosing your timing, having control. [9:46]
11. Takeaway - Hit these big ticket areas avoid some tax and help movement/gains/outlook into new year [10:51]

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