As one season ends and another begins, it’s always smart for small businesses to take advantage of the upcoming changes to make sure everything’s on course – especially when it concerns business taxes! At John S. Curtin, CPA Chartered, we want you to reap the benefits of your taxes all year long. Here are four tips from our small business CPA on things you can do now for your small business that will pay off when you file your taxes:

  1. Focus on organization – As the summer rush slows down, make sure your business stays on the right track towards success. Staying focused and organized can make all the difference in the world. Meet with your employees and discuss your fall schedule. Make sure everyone is on the right track at the beginning of the season before things get busy down the road.
  2. Increase spending – Maximize your deductions by increasing your spending before the end of 2017. Invest in strong advertising, update the equipment you need to run your small business, and (responsibly) spend money on things you need to get ahead. If there are investments you can make for your employees’ and customers’ needs, be sure to spend it before 2018 begins.
  3. Collect deductions – Use this time to look back on all of your recent business trips, office expenses, and other expenditures that may qualify as deductions. Make a list of all your deductions and keep it updated and organized for the remainder of the year.
  4. Reduce revenue in November and December – Are there ways you can reduce your revenue during the final months of the year? It may sound counterintuitive, but by deferring these receivables to January, you may be able reduce this year’s tax bill. Check with a small business accountant to determine what would be best for your particular business.

If you’re in the need of a dedicated small business CPA, contact John S. Curtin, CPA Chartered. Our mission is to improve businesses and offer expert financial advice backed by excellent customer service. Call (410) 203-2201 to schedule a consultation with a CPA near you in Ellicott City, Maryland. We look forward to helping your business succeed!