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Tom Meaglia, ChFC®

Chartered Financial Consultant


Investment Advisor Representative

CA Insurance Lic. #0567507

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

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November/December 2018

Year-End Tips for Business Owners

3D little human character The Inspector holding a Clip Board and a Pen. Orange and Black edition. People series.

If you own a business, the end of any year is a good time to review your practices and examine ways to become more efficient and profitable. Check out these considerations:

The Taxman Cometh
If you are a sole entrepreneur or own an S corporation, you may want to shift income to 2019 if you expect lower income then. Companies that pay bonuses to employees may want to look at income projections to determine whether to give them in December or January.

If you have a 401(k) or other deferred compensation plan, you might also want to contribute more tax-qualified dollars into the plan before year-end. Don’t forget that you are not only an employer, but an employee, too. Try to contribute as much as your tax-deferred retirement plan allows before the year ends.

Also, don’t forget your company may be responsible for filing IRS 1099 forms for independent contractors you’ve paid and employment taxes such as for federal unemployment insurance (FUTA). And, if you’re self-employed, you’ll have to pay self-employment tax.

Take Account
The end of year is a good time to take a long look at how you do business. Check your accounts receivable for laggards and work out a system to get paid more quickly if you find late payments are a problem. Avoid IRS penalties for payment mistakes and late filings, and review the compensation and benefits you offer employees, including life and health insurance. By now, you should be in the middle or toward the end of completing your financial reports and gathering any receipts you’ll need.

Take Action
If your end-of-year accounting shows some flaws, act to correct them. Consider taking a big-picture look at your company to look at the financial, sales, marketing and other aspects of business.

Review your tax strategy. If you need more tax deductions, this is a fertile time of year to find them. Check your tax strategy to ensure you put away the proper amount. Look at your sales and marketing efforts and put more money into them if your review of them indicates this will help.

Talk to your financial and tax professionals to learn more.


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Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 9111 Cypress Waters Blvd., Ste 140, Dallas, TX 75019.
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