Stop thinking tax season is in April. In this critical episode, Brigitte Vegter delivers the tough truth: April is just the receipt for the year you've already had. The real moves to save money happen now, in December. We break down the 5 proactive financial moves you must make before December 31st to reduce your tax bill and avoid penalties. This episode empowers you to move from a "scrambling, confused" business owner to one who is confident, proactive, and has a financial dream team that reduces your tax liability.
Listeners will discover:
- Why waiting until Q1 to talk to your accountant is too late and prevents you from getting proactive tax-saving guidance.
- The critical importance of reviewing your Owner Pay, especially if you are an LLC (distributions) or an S-Corp (penalties for underpaying).
- How to use "What-If" Scenarios (bonuses, delayed income, equipment purchases) to legally reduce your tax bill now .
- The most skipped financial step that costs business owners the most: reconciling accounts (to catch double-recorded income) .
- The WTB Moment of the Week: A failed business move involving charging per kid at a bar and a win involving free play and customer experience.
Show Notes
This episode debunks the myth of "tax season" and provides the essential, proactive steps every business owner must take in December to save money, avoid penalties, and gain financial control.
The 5 Proactive Moves to Save Money Now
- Talk to Your Tax Professional Early: Don't wait until April. Ask now about adjusting fourth-quarter estimates, S-Corp payroll, and tax-saving opportunities. The financial dream team works together .
- Forecast Your Tax Bill: Run "What-If" Scenarios to proactively plan for the new year
- Review Owner Pay: Ensure compliance, especially for LLCs (distributions) and S-Corps (penalties for non-payroll or underpayment). Fix any payroll issues this month.
- Get Your Books Cleaned Up FULLY: This is the critical first step. Reconcile every account. This is the only way to find double-recorded income that you'd otherwise pay tax on .
- Make Final Year-End Moves: Complete retirement contributions, process final 1099/W-2 adjustments, and execute planned equipment purchases before December 31st .
WTB Moment of the Week
- The Crash (Local Bar/Playground): A local bar with a popular backyard playground charged a small fee ($2) per child for entry. Insight: This is a customer experience fail. The playground is the main draw, and charging an explicit fee, rather than incorporating the small cost into product prices (an extra 30-50 cents per item), creates a negative feeling and alienates the target audience .
- The Fail (Arcade Discount): A successful arcade game business ran a special offering a free day of play. Insight: Offering discounts without a strategic purpose (like reducing risk for a new customer) can train existing customers to wait for free offers, potentially hurting long-term revenue .
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Hosts
Daniel Proczko - myPocketMarketing
Brigitte Vegter - Vegter Financial
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