While filing season isn’t until April, the end of the year is an important deadline for both tax and savings purposes, says a recent report on personal finance from ABC-11.
Nathan Goldman, associate professors of accounting in the Poole College of Management, gives tax advice to consumers and small business owners alike.
“If you’re a small business owner and you have the ability to make a big sale (Dec. 29) or the New Year, it may benefit you to wait until the new year to make that big sale. You still get the cash flow right around the same time. However, you’re delaying your tax liability to a future period, a period where you can pay it down the road. With time value of money, that makes it a lot more valuable,” Goldman said.
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