Dabbs Hickman Hill & Cannon ClientLine Newsletter

Dabbs, Hickman, Hill & Cannon, LLP

319 South Main Street, PO Box 727

Statesboro, GA 30459

Phone: 912-764-6951

325 Tattnall Street

Savannah, GA 31401

Phone: 912-233-9004

October 2023

Year-end Tax Planning

The more your business minimizes its tax liability, the better your bottom line. So, let’s look at some things you may be able to do between now and year-end to possibly lower your tax bill in April.

Minimize Taxes - Boost Retirement Funds

Are you looking for another way to minimize your 2023 taxable income for better tax results? Max out your annual contribution to your 401(k) retirement plan account if you haven’t already. This strategy is a two-for-one winner.

Is It Time For That Talk?

It may be a toss-up as to who dreads a family talk about your finances and the future more. You or your heirs. Regardless, if you haven’t had that talk or it’s been a while, there’s no time like the present to discuss expectations — yours and theirs — concerning your estate. They could be quite different.

October 2023 Client Profile

Connie and her son own Specialty Pet Food and Supplies, a manufacturing business with about 150 employees. She wants to increase the business’s 401(k) plan participation. Connie has read that auto-enrollment can successfully boost participation but wonders if the cost of auto-enrollment is worth the increased participation they may get.

Beware the Wash Sale Rule

It sounds simple. Sell securities, such as stocks, bonds, ETFs, or mutual funds, in which you have a tax loss for 2023, claim the loss, and repurchase the assets.

IRS Upgrades For Small Businesses

No need for a crystal ball to discern what small businesses may see ahead from the IRS. It's in the Service's most recent Strategic Operating Plan. *Some of the upgrades the IRS has on the list include:

October 2023 Q & A

Let's talk about employee bonuses and when they can be deducted for tax purposes.

A Look At Social Media Advertising Statistics

The social media advertising market is set to rise to $207.1 billion in 2023, with an estimated 4.53% annual growth expected to take the market to $247.3 billion by 2027.

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