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Year-End Tax Planning Strategies for Florida Businesses

  • Writer: Aashir Abbas
    Aashir Abbas
  • Sep 15
  • 2 min read
Year-End Tax Planning Strategies for Florida Businesses

As the year winds down, Florida business owners often focus on closing out projects, hitting revenue goals, and preparing for the holidays. But there’s another critical task that shouldn’t be overlooked: year-end tax planning. The actions you take before December 31 can make a big difference in your tax bill — and your cash flow — for the following year.

At MarkhamNorton in Fort Myers, we help businesses review their financials and implement strategies that reduce liability while supporting long-term growth.


Why Year-End Planning Matters

  • Reduces surprises during tax season.

  • Allows businesses to take advantage of deductions before they expire.

  • Helps improve cash flow and reinvest profits.

  • Ensures compliance with IRS deadlines and reporting requirements.


1. Accelerate Deductible Expenses

Prepaying expenses like rent, utilities, or supplies before December 31 can lower taxable income for the year.


2. Defer Income Where Possible

If your cash flow allows, delay invoicing until January so that income is recognized in the following year.


3. Maximize Retirement Contributions

Contributions to retirement plans are tax-deductible and help you invest in your future.


4. Review Depreciation Opportunities

Section 179 and bonus depreciation rules may allow you to deduct equipment or technology purchases.


5. Make Charitable Contributions

Donations not only support causes you care about but also provide tax deductions when documented properly.


6. Review Payroll and Bonuses

Paying employee bonuses before year-end can shift deductions into the current tax year.


FAQ

Q: Should I plan for taxes only at the end of the year?A: No, tax planning is most effective when done year-round, but year-end planning provides the last opportunity for deductions.

Q: Do all businesses benefit from deferring income?A: Not always — it depends on cash flow needs and expected tax rates for the next year. A CPA can advise.


Make this year’s tax season smoother with year-end planning from MarkhamNorton CPAs in Fort Myers.



 
 
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