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Year-End Tax Planning

Updated: Dec 12, 2023

Level of Difficulty: Beginner

From the Instructor: Year-end tax planning for small businesses is extremely important in order to save on your taxes and understand how your year has been going. The first step is having your bookkeeping caught up so you have numbers to work from.

Remember that tax planning should be tailored to your specific business circumstances, and it's essential to start early to ensure you have enough time to implement these strategies. Always consult with a tax professional or CPA to make the most of year-end tax planning opportunities and to ensure compliance with all applicable tax laws and regulations.

Topics Covered in this Video:

  • Strategies to lower your taxable income like looking at business expenses that may be suitable for depreciation or considering your material management and potentially stocking up on material for next year in order to benefit from the expense this year.

  • Considerations for contributing to a retirement plan

  • Giving a tax-deductible year-end bonus to employees

  • Preparing estimated tax payments for next year

Year-end tax planning really starts at the beginning of the year. If you let it snowball all year long and have to play catch-up in December to get ready for taxes, it’s safe to assume this will result in a stressful experience and you could potentially miss some details that will actually save you money. For extra help from our resident maker & CPA Christy Steinman, consider visiting

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Comment below and let us know if this was helpful or what else you’d like to learn about next!


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