Tax Planning Tip: Prepay expenses before the end of the year!

This only works if you're a cash basis taxpayer. You can pre-pay expenses up to 12 months in advance and deduct them on this year's taxes. Things like rent, marketing services, supplies, your CPA 😉

You'll want to be sure to let your accountant know if this is the plan though so that when reviewing business financial performance, it is clear that actual business performance didn't suffer, you're just tax planning.

I would not recommend this strategy, though if you expect to make more income in 2023.

Again, the power of forecasting & planning cannot be underestimated. Forward-thinking is a superpower in this day and age.

If you want to prepare to dominate financially in 2023 with your business, let us help you put that plan into action.