Smart Moves Before Year-End
Peter begins with simple, actionable tips to save on taxes now. First, prepay next year’s business expenses like malpractice insurance, CME, or rent before December 31st. This can reduce this year’s taxable income, a quick win for anyone who runs a business or works as an independent contractor.
He then talks about the business vehicle deduction under Section 179, where certain vehicles used for work can qualify for big write-offs. He advises only doing this if it makes business sense. Next, he suggests upgrading tech or equipment. Laptops, phones, or software bought before year-end can be written off.
Finally, Peter highlights the accountable plan, which lets business owners reimburse themselves for work expenses like internet, phone, and home office costs. It’s fully legal and often overlooked. These simple steps, he says, can add up to thousands in savings.
