Tax checklists for business owners, real estate investors, and medical professionals are usually treated like a year-end task — something to pull out when it’s time to file personal and corporate taxes. But I think they can be your secret weapon outside of tax season. I look at them as a tool to reflect on how my business and investments are operating. Use them to ask yourself:
- Are you incurring new types of expenses?
- Are you spending differently than last year?
- Are you missing deductions that could apply now?
This can help you analyze changes to your business and make plans to manage them.
For more details, see the short video below.
Video Transcript: Tax checklists for business owners – Your secret weapon
If you dig around a little, you’ll notice some tax checklists on my website, and these are a great tool to help you prepare your personal tax returns in particular.
But there’s another purpose there.
Like you, I also like to think of taxes all the time.
And you may be thinking one day, hey, we’re in the summer, let’s relax.
We’re going to have a nice drink, iced tea or something a little more powerful, and we’re contemplating taxes.
It’s a great opportunity to get a hold of those tax checklists.
And actually, as compared to organizing your information, think about your business and investing activities, run through the checklist.
Are you spending money in a different way than you have before?
Are there new expenses or costs that your business or investing activities are getting into?
Maybe they should be.
It’s again a way of looking at your business and investing in a little bit of a different light to help ensure next tax season, whether corporate or personal, we’re capturing all the expenses that we should be capturing.
I’m George Dube, saving the world from tax, one bow tie at a time®.
For tax-saving and wealth-building tips, subscribe to my newsletter.
Check out the next video in the series.
I want to help you do wonderful things®.
-End transcript-
Resources
For additional resources related to how to maximize tax deductions, see:
- Personal Tax Checklists
- How I save taxes: A real-life look at my personal strategies
- Family trusts: Ultimate FAQ for real estate investors
- Family trusts for medical professionals: Saving taxes
- Using OPM to Pay Your Taxes
- Buying real estate in a corporation: A guide for Canadian investors
More questions?
Still have questions? I want to help you Do wonderful things®, so please contact me today.
Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
