CONTACT US
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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
Just like your car, your business needs regular maintenance. Doing some year-end maintenance on your company’s finances can help ease workloads in the next few months.
Now may be the time to harvest some losses to offset your gains. Review your company’s investment portfolio with your financial professional to see if liquidating some assets makes sense.
Also, see if there have been any late or missed payments to vendors? Are there any long-overdue invoices unpaid from customers? Are business expenses being tracked and recorded correctly? Are employees and independent contractors correctly classified?
Old inventory, or inventory that can no longer be sold, is deductible as an expense. Since inventory only gets expensed when it’s sold, you can liquidate the items and deduct what you originally paid for them.
The same concept applies to uncollected debt, though what constitutes an uncollectable debt depends on your business. If you made an extensive effort to collect but have been unsuccessful, you generally can write it off. In either instance, you’ll need proper records to prove both situations. Consult your tax professional.
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