By Vicki Berardi, CPA — Beaver County Business Tax Columnist
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September isn’t just about Friday night lights and pumpkin spice everything. For business owners and individuals in Beaver County, it’s also the beginning of that magical season known as tax planning.
I know what you’re thinking: “Tax planning? Already?” Yes. Because if you wait until March, the only “planning” left is how to scrape together the money you owe.
Here are a few timely reminders:
1. Quarterly Payments Are Due
If you’re self-employed or own a small business, September 15th is your next estimated tax deadline. Ignore it at your peril. The IRS may not send you a thank-you card, but they will send you penalties if you’re late.
2. Retirement Contributions
Maxing out your 401(k), IRA, or SEP before year-end is one of the easiest ways to lower taxable income. Consider it “paying yourself first” instead of Uncle Sam.
3. Business Expensing
Thinking about buying that new truck, computer, or espresso machine for the office? Doing it before December 31 could mean a nice Section 179 deduction. (Translation: you keep more of your own money.)
4. Charitable Giving
Planning to make year-end donations? Doing it strategically — whether cash, stock, or even property — can provide both a good deed and a tax break.
5. Keep Good Records
Yes, it’s boring. But shoebox accounting is how deductions get lost and audits get started.
Bottom line: A little planning now can save a lot of grief (and dollars) later. Think of it as the financial version of putting your snow tires on before the first big storm.
So enjoy your pumpkin spice — but while you’re sipping, ask yourself: Have I done everything I can to keep more of my money out of Washington’s hands this year?
