Last Call Before Tax Season - It's NOT Rocket Science!

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

​by Skip Cohen

​I ran this last week, but it got sort of lost in a late day post, combined with the distractions of the holiday season. There's too much in here that's relevant, and too many of you who don't pay enough attention to the financial side of your business. Have you made every purchase you need to before year end and doing your taxes for 2023? Is there anything you're going to want to deduct that's related to your business?

It's NOT rocket science! 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. Don't forget to check into leasing vs buying high ticket items - leasing utilizes somebody else's cash without depleting yours!

​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 and build your business?

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