Get ahead now and save when tax season rolls around
If you own a business, the last few months of the year aren’t just about closing sales – they’re your best chance to make smart financial moves that can lower your tax bill and set you up for success next year.
Take Maria, a local café owner and longtime Rize Credit Union business member. Last December, she used a small business line of credit to replace her aging espresso machine and upgrade her point-of-sale system. Not only did her new equipment make her business more efficient, but she was also able to deduct the full cost on her 2024 taxes – saving her hundreds of dollars.
Here are four strategies you can consider before December 31:
- Invest in equipment and supplies
If you’ve been putting off buying new equipment, upgrading technology, or stocking up on supplies, now might be the time. Certain purchases can be deducted in the year you buy them, which could reduce your taxable income. - Prepay some expenses
Rent, utilities, insurance premiums – if your cash flow allows, prepaying these expenses before year-end could help you take the deduction this year rather than next year. - Review your retirement contributions
If you offer a retirement plan for yourself or your employees, check your contributions. Increasing them before year-end can help lower your taxable income and boost your future savings. - Meet with a tax professional
Tax rules change, and what worked last year may not be the best strategy this year. A quick consultation now can help you make adjustments before it’s too late.
We’re here to help
At Rize Credit Union, we can help with financing that makes year-end planning easier – from business loans to lines of credit. Whether you’re looking to invest in growth or cover seasonal expenses, we’re here to support your business every step of the way.