Preparing Your Tax for the Holidays

With the hustle and bustle of the holiday season, you may be looking for ways to prepare for the coming year. Tax might not be at the forefront of your mind, but preparing your taxes for the holidays should be a cost-saving measure that you put into place as soon as possible.

Here are some of the ways that you can prepare your tax for the holidays.

• Charitable giving is a powerful way to lower taxes while also supporting a cause you care about. The holiday season is the perfect time to think about income tax deductions.
• Purchase long-term assets that can add profit to the business.
• Be sure that your record-keeping for the year is in order.
• Sell off the investments that have been performing poorly (harvest your losses now to avoid extra tax).
• Think about your more complex tax situations now – if you are in the process of a major transaction, you will want to begin analysing what you owe and what you could claim back as soon a possible.

If you want to look towards 2022 with a fresh tax perspective, come speak with us today to help strategise a plan to suit you.