Proactive Tax Planning Before Year-End

accountant um guys this is Geoff law he's actually my accountant and I've said it I can't tell you how many times you've got to establish an actual relationship with your accountant so that they know your business agent our block is one thing but having an accountant that does things like Jeff does call me up bug me over and over because you call me Shane calls me and you say hey Stan we need you to come in before this date because we get busiest contractors and we lose track of time yeah but in reality you are 33% and that's what I say of the actual success of the equation of any small business I don't care if you're a contractor I don't care if you own a restaurant small businesses have to pay X amount of money to the government every single year and what we want to talk about today is some strategies that contractors and any small business owner can use that it's them ahead of the curve sounds good Stan okay so we're in this is November one of the very first things one of the things that we've got to do that every contractor every small business owner should do is pre tax season planning and that means tax season planning before the fiscal year end which is typically December 31st is that always December 31st unless you elect out to a fiscal year will be December 31st and that's all most people operate so yes a couple months before the end of your fiscal year usually the calendar year that's you don't want to wait any longer otherwise once you do your planning and see where you're at it's too late to do anything to change it then at that point so that's why we try to meet in November so you have a good month plus buy equipment or at least know where you're at even if you're not going to do anything you kind of to expect them for if we need to make payments in January and or in April what you're kind of looking at so you know by meeting early before December 31st it's not about oh how much my going to be paying in taxes it has nothing to do with that it's how much can you deduct out of your business so you don't have to pay in taxes that's the huge thing that I need these guys to start to wrap their head around because when you do it the right way you can almost have you can run a half million to a million dollar business and have a tax bill that's pretty darn close to zero yes and that's there's I think people are usually under two different strategies whether they know it or not on a profit or growth if you want to follow girls strategy you can build a…