Things to discuss with your tax advisor at the end of the year

Here are some things to talk about with your tax advisor:

1. Expenses paid for personally that may be deductible for your business - you may have paid for a business trip, car, meals or other expenses using a personal account that you decided not to have your business pay for that actually may be deductible. Deducting these business expenses would yield tax savings if they were in fact associated with business activities. You may need to take some action to ensure these expenses are properly deducted.

2. Choice of health insurance - open enrollment at a job is a good opportunity to save money by choosing health coverage that's more beneficial for you. If you have a high deductible plan, you can contribute to a health savings account which will save you federal, state, Social Security and Medicare taxes.

3. Traditional and Roth IRA contributions - contributing to these types of accounts save you money now (traditional) or in the future (Roth).

4. Tax savings or projection of tax resulting from a new or growing business - perhaps your business made more money this year or you started a new business and invested a lot of money into it. Talk to your tax advisor about what impact it will have on your taxes after the year ends to avoid surprises.

To learn some tax strategies to help save you in taxes, eBook is available at www.gatsoncpa.com/shop