Year-end tax strategies for accrual-basis taxpayers
November 22, 2016
Accrual-basis taxpayer? One way to save tax is to properly record and recognize expenses that were incurred this year but won’t be paid until 2017 so you can deduct them on your 2016 tax return. Common examples include commissions, salaries, wages, payroll taxes, advertising, interest, utilities, insurance and property taxes. Also review prepaid expense accounts and write off any items that have been used up before the end of the year. Consult us for more details on how these and other year-end tax strategies may apply to your business.