With the year winding down it’s a good time to double check to make sure you’ve got all your ducks in a row for 2018. Here are five tips for loose ends to tie up before the ball drops.
- Brush up on the numbers! Contact your CPA and have them run the numbers. This helps you to see if you need to do some last-minute purchases in order to reduce your taxes.
- Upgrade under the wire! If you’ve considered upgrading your computer or network equipment, check with your accounting department to see whether purchasing (Capex, aka capital expense) or leasing (Opex, aka operational expense) will save you the most money.
- Shop til you drop! The end of the year is a perfect time to purchase, as most vendors are trying to wrap up their end of year sales. Be on the lookout for special end of year deals and grab that tech you’ve been eyeing.
- Clean house! Have you been holding on to old equipment “just in-case”? Now is the time to donate! Make your charitable donations before the new year so you can use the deduction on this year’s taxes.
- Budget now, play later! Start making a list for your 2018 budget, it may seem like not a lot of fun, but the new year is only a couple of weeks away.