It’s the end of the year on the calendar.
And for many small corporations, LLCs and sole proprietorships, it’s also the end of the fiscal year. One of the reasons why I’d decided to structure my little corporation differently is that the end of the calendar year, according to Inc and Grow Rich, and other resources, is the worst fiscal end you can have.
I’m no kind of tax attorney or accountant, so I’m just sharing informaton I’ve read, experienced, or been told — please check with your own tex professionals for specifics.
But part of what makes this a sucky year end to have is that it gives you less tax-planning time.
Every since I began to work for myself officially and full time, I have fallen in love with paying taxes. Weird thing to be enamored of, I know. But what’s wonderful is, with some business structures, you get to say when, and you get to say how much.
Even when I was a sole proprietor, I could write off many business educational costs. Now, all those seminars I wanted to go to, online courses I wanted to take, books and ebooks I wanted to read were not only tax-deductible – as long as they related directly to my business – but the tax savings allowed me to build a library.
This library gave me reference points and saved me time. With the time savings, I was able to do some research on topics that my audience said they wanted to know.
Now if people want to know I attracted the Google spider to my blog, I don’t have to teach a $300 – $500 three day class, and print out workbooks and get them bound – I could write one ebook in PDF format as a much more reasonable price, mail out the workbook, and do individual teleconferences or an online group meeting to answer questions.
So what seemed like a small thing to change, turned out to be another way I could help people reach their goals more inexpensively, and ultimately expand my business.
If it’s almost your calendar year-end, no matter what kind of business structure you have, it’s a great time to check with your tax professional to see if stocking up on educational materials will help you take additional deductions.
Oh, and don’t forget charitable contritutions. Even when they’re small they can help so much, and you may not have to pay taxes on them either – again, consult the professional that you use, to get more specific information.
See you on Google Tuesdays – and welcome to the Site Pro News visitors!
