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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

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

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

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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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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