Year End Tax Planning - Business

December 2021

Dear Friends,

It’s a new year, but the challenges are all too familiar. Let’s hope we come through it and find good health and prosperity on the other side.

There are not a lot of changes in the Tax Law for 2021. It’s 2022 that we need to worry about. However, there are still ways to reduce your income and your income tax:

  • Postpone income into next year, if possible, to reduce taxes.
  • Pay expense before the end of the year to accelerate deductions.
  • Purchase equipment to take advantage of BONUS Depreciation.
  • Maximize your retirement contribution.
  • Write off obsolete inventory.
  • Consider putting your children on payroll.

If you received a PPP Loan, get verification of forgiveness. If your loan is forgiven, you will be taxed on it in the year it is forgiven.

Last year we were able to help many clients with financial, retirement, insurance and estate planning. Give us a call to find out how we can help you. We also have over 200 clients in various retail, wholesale and service industries. Network with us. Call if you need anything.

Remember, the IRS will never call you on the phone or email you. If someone contacts you this way, and says they are the IRS, it is most likely a scam. Hang up and call us.

Over the past year, we have integrated a client portal. This will allow us to securely exchange documents with our clients. If you would like to work directly with us through this option, please email julie@ajmascherinocpa.com and she will set you up with a direct link.

Once again, I want to thank you for your continued trust in me and my “wonderful staff”, (that’s what they call themselves, I never disagree with them) Kim, Maryellen, Stacey, Julie, Ronnie, Phil and Bill.

We really appreciate it and never take it for granted. Have a very Merry Christmas and a prosperous New Year.

Warmest regards,
Anthony J. Mascherino

 
341 E. Lancaster Avenue, Downingtown, PA 19335
ajmasch@fast.net • 610-269-6833 • 610-269-7983 (Fax)
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