Q4 will be closing soon, and 2022 will officially be in the books!
As we get closer and closer to the end of the year, you might find that you have some extra cash sitting around, and if you’re in that enviable position, The Cash Flow CFO team wants to help you spend it wisely.
We’ve got a few suggestions for your budget surplus that will help you prepare for the year ahead AND save money at tax time!
- Buy the Big Stuff
If you need to make a large material purchase for your business, or restock inventory, now is a GREAT time to do it. There are lots of discounts and sales this time of year, so you can potentially save a substantial amount on large purchases. Plus, you’ll be able to claim these business expenses as a tax deduction that will save you even more.
- Check Your Supply Closet
You’ll ALWAYS need basic business supplies, and this is a smart time to stock up. Paper, pens, printer supplies- anything you need to keep your business running smoothly is a smart end-of-the-year purchase. (And it’s tax deductible!)
- Switch Your Subscriptions
If you’ve tried out several subscription services over the year, now is a great time to review them. If they haven’t lived up to your expectations, or you just don’t use them as much as you thought you would, ditch them and save some cash.
For the ones you can’t live without, go ahead and renew them at the yearly rate. Renewing subscriptions annually can save money and save you the hassle of monthly payments.
If you need to make big purchases before the year ends and you DON’T have extra cash just sitting around, don’t panic! Check out this short video that helps you determine how much you can safely spend without busting your budget.
This year may be winding down, but it’s NEVER too early to start planning for next year, and we’d love to help.