2021 Year End Tax Deductions to consider

It's that time of year again when we need to make sure we've taken advantage of every deduction we can before the year ends, so here's my "hit list" of popular (and legitimate) year end tax deductions to consider before the end of the calendar year:

1. Employee bonuses
2. Gift cards ($25 increments)
3. Holiday parties
4. Annual shareholder meetings (location to be chosen!)
5. Paying our children (where applicable) for lite duties performed
6. Royalties paid to those for whom we've used their likeness or images in our marketing materials
7. Maxing out your retirement plans or funding IRA and SEP's
8. Purchasing new equipment or vehicles
9. Updating that tired laptop or desktop
10. Renting or buying an office space or reimbursement for home offices
11. Upgrading your desk chair or considering a stand up desk for yourself or staff
12. Considering new technology for improving your productivity or just getting up with the times
13. Corporate retreats
14. Consider hiring a business coach or Alternative Board of Directors to help guide you
15. Giving back to your community or making charitable contributions
16. Prepaying or issuing PO's for inventory or supplies used constantly
17. Sell losing investments
18. Prepay college tuition
19. Bunch up medical deductions
20. Use those FSA's and HSA's

Hope that these reminders help and that you all have a safe and happy holiday season! Thank you all for your continued support this year.

If you are a professional, you will need a CPA firm that understands what your business does, and what it needs. So give us a call or schedule a free consultation with our owner Matthew Shiebler, CPA. He’s been practicing accounting for over 25 years now and is a business owner, just like you!