Tax season may feel like a daunting puzzle, but it's also an opportunity. What if you could save more, invest strategically, and close the year with a solid financial plan? Discover the secrets to navigating year-end tax planning effectively.On this episode of Become Sensible, Fiona dives into the essentials of tax planning for business owners and individuals alike. From understanding cash versus accrual tax methods to leveraging strategic deductions and investments, this episode is packed with actionable advice. Learn how to manage your cash flow, evaluate break-even points, and implement powerful strategies like retirement contributions, equipment purchases, and depreciation. Fiona also discusses practical scenarios to help you tailor tax strategies to your unique financial situation.ConnectFollow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.Timestamps0:00 - Introduction and Thanksgiving reflections2:30 - Why tax planning is more than just saving on taxes4:00 - The basics: cash vs. accrual tax methods explained7:00 - Importance of cash flow in tax planning9:30 - Break-even points and preparing for seasonal challenges11:30 - Smart year-end spending strategies for businesses14:00 - Leveraging retirement contributions for tax savings16:00 - Depreciation as a tax-saving tool18:30 - Case scenarios: high profit with low cash flow21:00 - Key takeaways and planning for next year Hosted on Acast. See acast.com/privacy for more information.

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