Artwork for podcast Accounting for Tomorrow
Season 1: Episode 4: Year-End Tax Planning for Businesses
Episode 47th December 2022 • Accounting for Tomorrow • Josh Tyree and Robert Shappee
00:00:00 00:29:27

Share Episode

Shownotes

Strategic tax planning at the end of the year is never a one-size fits all model, but in this episode, we'll share a few of our favorite tax deduction strategies and credits. A few adjustment's at year-end can have huge impacts long-term.

Tax Deduction Strategies

  • 2:08 - Deferrals, purchases, and rate reductions
  • 7:19 - Equipment purchases & depreciation
  • 9:13 - Setting up retirement/pension plans
  • 10:55 - Timing on year-end bonus payouts
  • 11:55 - Method of accounting (cash vs. accrual)
  • 13:29 - Net operating losses

Tax Credits

  • 15:28 - R&D credits
  • 18:39 - Inflation Reduction Act & Chip Act

Other

  • 19:51 - ABE / Pass-through tax deduction
  • 23:54 - State & Local Tax