In just two weeks, 2015 will be a memory and we’ll be busy planning a shiny new year. But the tax bill for 2015 will still be on the horizon. There are some small business tax tips that you can take to reduce financial liability before the year ends — and you won’t have to interrupt your bookkeeper’s new year’s eve celebration to put these tactics to use!

Bonuses – Paying out some holiday bonuses to employees is a great way to boost morale, appreciate your most loyal employees and reduce taxable income for your business.

Charitable Giving – On average, charities report that 41% of their annual giving contributions are received in the last few weeks of the year. You’ve likely received a number of requests in the past month. Before giving it’s important to do a little research to be sure you are donating to a reputable charity, as scams are rampant this time of year as well. Websites like www.charitynavigator.org or www.guidestar.org provide free information about the financial health and transparency of organizations you are considering.

Travel for 2016 – If business travel is on your agenda for 2016, booking and paying those costs now will lower your tax liability. In addition, many trade show or industry conferences offer discounts for early registrations so you can save money on those fees. Getting it on your calendar also ensures that you make this type of education or marketing a priority instead of putting it off in favor of the day-to-day of running your business.

Marketing for 2016 – Do you know what your most effective marketing tactics have been for 2015? If you are using a POS system like clover to track campaign results then it’s easy to see what’s been effective and determine what you’d like to continue. Pay for those services now and you’ll reduce tax liability.

Call your CPA now! – Make a call to your tax accountant and ask if there are tax deductions that you can take advantage of this year. The tax code isn’t easy and it’s their job to stay on top of it for you. Many have a simple year-end questionnaire for you to fill out that will point out opportunities for your individual situation.

Marketing 360 Payments also offers integration tools that will help you manage your small business and get the information you need to make smart spending decisions. Contact us today to learn how we can help you grow your business.