A Hump Day Thought - Getting Ready for Tax Season

The only thing that hurts more than paying an income tax is not having to pay an income tax.
Thomas Dewar

by Skip Cohen

​It's Wednesday, and as I started to grab the camel shot, I decided to make the jump to a bit of humor. Naturally, there are those who won't appreciate it and will consider it tasteless, wondering if I've lost my mind. If I have, my ability to laugh is still wholly intact. After all, it's Hump Day!

In the meantime, here's the perfect topic for December 13, just 2 1/2 weeks before the year ends. Have you made every purchase you need to before doing your taxes for 2023? Is there anything you're going to want to deduct that's related to your business?

When looking at the cost of doing business, so many of you need to remember all the things you spend money on that might be deductible. I'm not an accountant and don't profess to understand tax law, but here are some things to consider. As you review it, I'm sure you'll find other things I might have missed.

People don't know how much they have to be thankful for, until they have to pay taxes on it.
Ann Landers

​Here's my point - if, for example, you've been thinking about buying a new large-format printer, talk to your accountant. See if there are benefits to buying it before year-end, and also ask about the allowable depreciation. So many of you get excited over how much you think you make on sales because your lab costs are so low - but what about everything it took to build and maintain your skill set?

Happy Hump Day!

 "A fine is a tax for doing something wrong. A tax is a fine for doing something right."
Anonymous