5 Tax Moves Every Small Business Should Make Before Year-End

Year-end tax planning isn't just for large corporations. As a small business owner, the moves you make in Q4 can significantly impact what you owe come April.

1. Maximize retirement contributions

If you haven't maxed out your SEP-IRA or Solo 401(k), now is the time. These contributions reduce your taxable income dollar-for-dollar — and they grow tax-deferred.

2. Accelerate deductible expenses

Consider prepaying January rent, stocking up on supplies, or purchasing equipment you've been putting off. Under Section 179, you can deduct the full cost of qualifying equipment in the year of purchase.