Year-End Tax Hacks for Entrepreneurs > 자유게시판

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As the holidays approach many entrepreneurs are still planning their business strategy for the next year. In addition, it’s a prime opportunity to focus on the financial side of things—specifically, how to minimize your tax liability before the calendar flips to January 1. These are practical, "hack"‑style tips that can help you retain more of your hard‑earned income in 2023, while establishing a smoother filing process for 2024.

1. Maximize Home Office Deductions
If you legitimately use a portion of your home for business you can claim the Home Office deduction. Even if you’re not a full‑time remote worker, a dedicated desk area, or a part of an office that is used exclusively for client meetings can qualify. Keep a detailed log of hours spent working from home and opt for the simplified method (a flat rate of $5 per square foot, up to 300 square feet) or the regular method (actual expenses prorated by square footage). The simplified method is faster and often yields a comparable amount.

2. Speed Up Depreciation with Section 179 and Bonus Depreciation
If you purchased or financed equipment—like computers, machinery, or software—for your business you can opt to expense it in the year it was purchased. Section 179 allows you to write off up to $1.16 million (2023 limit) of qualifying property. After that, bonus depreciation lets you deduct 100 % of remaining qualifying assets under $2 million. This consolidation can markedly lower your taxable income.

3. Pay Business Expenses in Advance
Should you have a predictable expense—like insurance premiums, office supplies, or professional fees consider paying next year’s amount now. The IRS permits deduction of prepaid expenses in the current year for cash‑basis taxpayers.

4. Make Retirement Plan Contributions Before the Deadline
Establishing a simplified employee pension (SEP) IRA or a solo 401(k) provides a dual advantage: reducing taxable income now and investing for the future. For a 2023 contribution deadline of December 31, you can still roll over funds from a previous plan, or for a 2024 plan, make contributions up to the 2024 deadline of March 15. The contribution limits are generous—up to 25 % of compensation or $66,000 (2023), whichever is less.

5. Leverage the Qualified Business Income Deduction (QBI)
Many small business owners are eligible for a 20 % deduction on their qualified business income. This deduction is subject to income thresholds and certain limitations, but it can reduce taxable income substantially. Track your QBI accurately—this includes revenue, wages, and 25 % of qualified property.

6. Use the "Buy and Hold" Strategy for Intangible Assets
Intangibles such as trademarks, patents, and customer lists can be capitalized and amortized over 15 years. If you plan to acquire or develop these assets before year‑end, you lock in an amortization schedule that will provide a steady deduction each year for the next decade.

7. Handle Your Inventory Wisely
If you’re a product seller, the "last‑in, first‑out" (LIFO) or "first‑in, first‑out" (FIFO) method can impact taxable income. LIFO can reduce taxable income in an inflationary market because older costs are matched against current sales. Switch your accounting method before the end of the year if you anticipate a price rise.

8. File an Election to Adopt a Cash‑Basis Method (If Not Already)
The cash‑basis method allows you to deduct expenses when paid and recognize income when received. It can simplify year‑end bookkeeping and potentially lower taxable income if you have a lag between sales and cash inflow. To make this election, file Form 1125‑A by the tax‑year end.

9. Use a "Donor Advised Fund" for Charitable Contributions
If you’re planning a charitable donation, consider a donor advised fund (DAF). Contributions are tax‑deductible in the year they’re made, and you can distribute the funds over several years. This gives you a sizeable deduction now while preserving flexibility for future giving.

10. Record "Travel & Meals" with a Clear Business Purpose
The IRS scrutinizes travel and meal expenses. To avoid disallowance, keep receipts, note the business purpose, and limit meals to 50 % of the cost. Documenting a clear tie to a client meeting, partnership discussion, or training session can create the difference between a fully deductible expense and a 50 % reduction.

Main Takeaways
Start early: The earlier you begin planning, the more options you have.
Keep receipts: even minor expenses add up.
Consult a CPA: Tax law changes fast; professional guidance can spot opportunities you might miss.
Automate: Use accounting software to flag deductible expenses and track depreciation schedules automatically.

Applying these hacks can cut your 2023 tax liability, build a stronger financial base for 2024, and free capital for growth. The holiday season is the perfect time to get your books in shape—so don your accountant’s cap, roll up your sleeves, and 期末 節税対策 get to work.