What Does Year-End Tax Planning Look Like? [episode 44]

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Year-end tax planning doesn’t have to be overwhelming. In this episode, we’re continuing our tax series by diving into year-end tax planning, what it is, why it matters, and what it involves. (If you haven’t already, go back and listen to episode 42, Your Guide to Individual Tax Brackets, first.)

As the year winds down, it’s the perfect time to assess your financial situation and confidently prepare for the upcoming tax season. We’ll explore how to gather and evaluate your income data and pinpoint which tax brackets will apply to you. This comprehensive evaluation will help you understand your current financial standing and prepare for any surprises that may arise when tax season arrives.

In this episode, What Does Year-End Tax Planning Look Like?, I cover:

  • The critical process of identifying deductions, such as retirement contributions and self-employed health insurance premiums, that can reduce your taxable income
  • How to review estimated tax payments or withholdings to determine if there’s a balance due or if you’ve overpaid and might expect a refund
  • Sharp tactics to optimize your year-end tax planning and minimize liabilities, ensuring clarity and control as you approach tax season

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More about the Profitable Women podcast:

If you find yourself avoiding conversations about money, are burnt out from working all the time and wondering where your cash goes, and are tired of not paying yourself consistently, you are in the right place. 

Profitable Women is for those who don’t want to choose between their career and motherhood. It is to educate you on the financial side of running a profitable and sustainable business. It is a safe place where you are seen and heard in your fears as a business owner. It is where we talk about the money stories that are showing up in your everyday business decisions. It is where we allow ourselves to get curious about the numbers and welcome financial abundance in our lives.  We will talk mindset, financial strategy, and numbers all with the goal of aligning our business to our life. If you believe in what you do and want to make it sustainable while building wealth, Profitable Women is the podcast for you! 

Your host, Sheila Hansen, is a CPA, coach, and business mentor who supports female business owners to make confident financial decisions. In addition to solo episodes, we will hear from other expert female guests who are out there supporting women with the work they do.

As profitable women, we are in this together!

Find more resources at hansenllc.net, and be sure to follow Sheila on IG @Sheila.Hansen.CPA.

[Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forms do not constitute individual tax or accounting advice. This content is designed to provide education and awareness of financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Sheila or Sheila Hansen, LLC]

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