Description

Tax season may feel like a daunting puzzle, but it's also an opportunity. What if you could save more, invest strategically, and close the year with a solid financial plan? Discover the secrets to navigating year-end tax planning effectively.

On this episode of Become Sensible, Fiona dives into the essentials of tax planning for business owners and individuals alike. From understanding cash versus accrual tax methods to leveraging strategic deductions and investments, this episode is packed with actionable advice. Learn how to manage your cash flow, evaluate break-even points, and implement powerful strategies like retirement contributions, equipment purchases, and depreciation. Fiona also discusses practical scenarios to help you tailor tax strategies to your unique financial situation.

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Timestamps

• 0:00 - Introduction and Thanksgiving reflections
• 2:30 - Why tax planning is more than just saving on taxes
• 4:00 - The basics: cash vs. accrual tax methods explained
• 7:00 - Importance of cash flow in tax planning
• 9:30 - Break-even points and preparing for seasonal challenges
• 11:30 - Smart year-end spending strategies for businesses
• 14:00 - Leveraging retirement contributions for tax savings
• 16:00 - Depreciation as a tax-saving tool
• 18:30 - Case scenarios: high profit with low cash flow
• 21:00 - Key takeaways and planning for next year

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