Upload Photos Refer a PRO
  ECHO Means Business FORUM
  [Search] Search   [Recent Topics] Recent Topics   [Hottest Topics] Hottest Topics   [Members]  Member Listing   [Groups] Back to home page 
End of the Year - Taxes  XML
Forum Index » Operating/Managing a Business
Author Message
JandJLawnService

UAG Member




[Avatar]

Joined:

Tue Apr 18, 2017 1:55 AM
Messages: 233
Offline

Now is a good time to to have your accountant (or yourself) take a look at your balance sheet and get an indication of your tax liability for 2018.

If you need to reduce some of your tax liability you can order blades, parts and supplies now for next season or even make that equipment purchase you have been considering before the end of the year.

Open yourself and fund a SEP IRA for your retirement if you haven't done so already. Make sure you fund your future!

It may be more effective to wait until after the first of the year and use these things for for 2019 taxes






Jim Nelson
Veteran Owned/Family Operated

Website: http://www.jandjlawn.com

Instagram: https://www.instagram.com/jandjlawnservice

Facebook: https://www.facebook.com/JandJLawnLakeCityFL/

YouTube: https://www.youtube.com/channel/UCxQyGbUYHUt4j45WaZUC1Ug
LandscapesbyAcme

UAG Member




[Avatar]

Joined:

Tue Oct 23, 2018 4:56 AM
Messages: 165
Offline

Tell me a little more about the IRA. Do you have one and did you do on your own or have a broker.

2019/2020 UAG Member

FOLLOW us on Instagram @LandscapesbyAcme or http://www.instagram.com/LandscapesbyAcme

Website: http://www.Landscapesbyacme.com

SUBSCRIBE to our YouTube Channel: https://www.youtube.com/channel/UCzcHUgvKvLzBJ-soZ1SCDhA
FraserOutdoor

UAG Member




[Avatar]

Joined:

Tue Nov 20, 2018 9:49 PM
Messages: 60
Offline

Gotta love tax time. Anything to reduce tax liability is a good thing. I always buy rrsps to try and reduce tax liability. Thanks for the reminder I will have to have convo with the accountant to see how I can further reduce my taxes.
JandJLawnService

UAG Member




[Avatar]

Joined:

Tue Apr 18, 2017 1:55 AM
Messages: 233
Offline

LandscapesbyAcme wrote:Tell me a little more about the IRA. Do you have one and did you do on your own or have a broker. [/quote



I do have one and manage it myself. You can start one through just about any investment company and most banks.

Do your research tons of information available on these. If your not keen on investments I would suggest having it managed for you, just watch the fees if there are any associated.

The SEP IRA is designed for the self employed and small business owners. Simple to start, you get immediate tax advantages and contributions are flexible. It's another means to fund your retirement.

This message was edited 1 time. Last update was at Wed Dec 5, 2018 1:54 AM


Jim Nelson
Veteran Owned/Family Operated

Website: http://www.jandjlawn.com

Instagram: https://www.instagram.com/jandjlawnservice

Facebook: https://www.facebook.com/JandJLawnLakeCityFL/

YouTube: https://www.youtube.com/channel/UCxQyGbUYHUt4j45WaZUC1Ug
solowcutslandscaping

UAG Member




[Avatar]

Joined:

Mon Nov 26, 2018 11:19 PM
Messages: 8
Offline

Nothing like crunch hinges numbers at the end of the year! I try to stay on my receipts and invoices quarterly to try and help with the end of the year pressure of tax season.
 
Forum Index » Operating/Managing a Business
Go to: