Financial Matters to Attend to Before the End of the Year

A few simple decisions can help you make more money in your shoeing business, without even picking up a foot

A few simple decisions can help you make more money in your shoeing business, without even picking up a foot

Before you do that last shoeing job of the year, there are several financial matters that you should consider in order to save yourself money and maximize your tax benefits.

Year-end tax planning is as much about 2011 as it is about 2010. Often, there’s a real opportunity for year-end tax savings if you can predict that you’ll be paying taxes at a lower rate in one year than in the other.

Here are some of the top business and tax planning ideas for farriers:

  1. If you wish to defer income until next year and bill for your service, send out invoices a little later so as to receive payment in the following year. Postponing income can be desirable for farriers who anticipate being in a lower tax bracket next year due to changed financial circumstances. However, if your customer offers payment before the year ends, you cannot decline to accept it, under the law.
  2. Consider extending your subscriptions to professional journals (like the American Farriers Journal), paying professional dues (like those of your local farrier association), enrolling ahead of time for clinics or farrier-related courses, etc., if you need to increase your expenses for the current year.
  3. Make charitable contributions to tax-exempt organizations. You can charge last-minute donations in the current year to a credit card and take the deduction, even if you pay the bill next…
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Esco buff 1215

Esco Buff

Esco Buff, CF, APF, is a farrier in Web­ster, N.Y., and holds a PhD in bus­iness administration. He is a member of the Interna­tional Horseshoeing Hall of Fame.

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