Tax experts say you have some things to do by the end of the year if you want to save on your 2022 taxes.
Jason Shellhaas is a partner with the Malcolm M. Dienes CPA firm in Metairie.
He recommends business owners pay bills now so they can take those deductions for 2022, and also look to see if they need to make large equipment purchases.
“Evaluate if your business needs any new equipment and you would want to go ahead and purchase that equipment this year before year-end if you can because you can write that equipment off 100 percent in the tax year 2022,” he said.
Shellhaas said individuals can help themselves and deserving charities at the same time.
“If you itemize your deductions maybe you want to make some charitable contributions and I would recommend that you go ahead and do that in 2022,” he said.
He also recommends if you made money in the stock market this year, you might consider trimming your portfolio before the end of the year to save on taxes.
“And I would talk to your investment advisor and it might be an opportunity to sell some of your stocks at a loss, if you have any, and those can offset any stocks that were sold previously sold during the year at a gain,” Shellhaas said.