Year-End Tax Moves for Small Businesses
As the year comes to a close, small business owners in Mandan, Bismarck, and across North Dakota should start thinking about year-end tax strategies. Smart planning now can reduce your tax bill later — and the earlier you act, the more options you’ll have. At Goodhart & Associates PC, we help local businesses make informed decisions that align with their goals and keep compliance simple through expert small business tax preparation in ND.
Take Advantage of Section 179 and Bonus Depreciation
If your business plans to buy new equipment, vehicles, or software before year-end, Section 179 and bonus depreciation can help you deduct those costs immediately.
These tax incentives allow you to write off the full purchase price instead of depreciating the asset over several years. For small business owners in industries like construction, farming, or manufacturing — common around Mandan and Bismarck — this can make a big difference in your bottom line.
Fund Retirement Plans Before the Deadline
Contributing to a retirement plan before December 31 not only builds your future but also lowers your taxable income. Whether it’s a SEP IRA, SIMPLE IRA, or 401(k), our team can help determine which option fits your business best. North Dakota business owners often find this step one of the most effective ways to balance savings and tax efficiency.
Plan the Timing of Income and Expenses
Managing when you receive income or pay expenses can impact your tax position. If you expect a higher tax rate next year, accelerating income may make sense. But if your rate will be lower, you might delay invoicing until January. Likewise, prepaying expenses — such as rent, insurance, or supplies — before December 31 can increase deductions in the current year.
Don’t Forget North Dakota Tax Considerations
Every state has its own rules, and North Dakota is no exception. Our CPAs are familiar with ND’s business tax landscape, from local incentives to state-specific filing requirements. We ensure you meet all your obligations and take advantage of opportunities available to North Dakota businesses.
Quick Year-End Tax Checklist
Before the year wraps up, make sure you:
- Review your profit and loss statements
- Record all outstanding expenses
- Reconcile bank and credit card accounts
- Confirm employee and contractor information for W-2s and 1099s
- Schedule a year-end consultation with your CPA
These steps make filing faster, cleaner, and less stressful when tax season arrives.
Let’s Make This Year Count
The final months of the year are the perfect time to take control of your tax strategy. Our experienced team works with small businesses throughout North Dakota to plan effectively, minimize taxes, and prepare for growth.
Contact Goodhart & Associates PC today for expert small business tax preparation in ND — and start the new year confident that your business is in good hands.
