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Outsource Ally provides trained, proficient, efficient outsourced staff assigned specifically to your company. Tried and tested professionals that will save you time and money, bringing valuable skill sets to your organization to help you grow. Our processes improve task execution efficiencies and time, thereby reducing your costs.
This cost-efficient option, utilizing only the hours you need, allows you to manage your business without spending time training, setting up software, etc. We take care of it all.
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As year-end and Q1 approaches, your small business will need to stay ahead of the curve. Here is a …
Strategies to Reduce Income Tax Costs
In an unusual year such as 2020, revenue may be lower than in prior years. If so, the owner may be liable to pay tax on the revenue gains from the prior year. This is especially difficult when revenue is down, as there may not be funds available for tax payments.
Also, any SBA loans (PPP & EIDL) which are written off during 2020 may cause tax increases. This makes it especially critical to capture all appropriate expenses during the fiscal year. If your tax year is January to December, these expenses must be paid for prior to the end of December. Any items you need for your business should be purchased in December. An IRA or 401K contribution may also be made by the business. Other special or extra staff costs that are planned for early next year could be an option.
Talk to your tax advisor to make sure you know your options and can make knowledgeable decisions.