Year-End Tax Planning in Manassas, VA
The weeks before December 31 are your last chance to make strategic moves that affect this year's tax bill. Most small business owners miss this window because their accountant only shows up at filing time—when it's already too late.
At Hollins & Hur, we help established small businesses across Northern Virginia and DC take proactive steps before year-end. Year-end planning is proactive; filing is compliance. We focus on what you can still control.
Book a Tax Fit CallWhat Year-End Tax Planning Is (And What It Isn't)
Year-End Planning IS:
- • Strategic moves made before December 31
- • Proactive decisions based on current-year projections
- • Timing income and expenses for maximum benefit
- • Setting you up for a smoother tax season
- • Looking ahead to next year's tax situation
Year-End Planning IS NOT:
- • Tax filing or return preparation
- • Reactive scrambling after the year closes
- • Guaranteed savings (anyone who promises that is a red flag)
- • A one-size-fits-all checklist
- • Something you can do effectively in January
The key difference: planning is proactive, filing is compliance. By the time you're filing, the opportunities are gone. Year-end planning is about taking action while you still can.
Who Year-End Tax Planning Is For
Year-end tax planning is most valuable for small business owners who have enough complexity (and enough at stake) to benefit from strategic timing decisions:
What's Included in Our Year-End Tax Planning Service
We review your current-year numbers and identify the most impactful decisions you can make before the year closes:
Strategic Moves to Consider Before December 31
Every business is different, but here are the key areas we evaluate during year-end tax planning. Click any link below to learn more about that specific strategy:
Expense Timing
Should you accelerate expenses into this year or defer them to next year? The answer depends on your projected income, expected tax rates, and cash flow situation. We'll model both scenarios.
Common timing decisions include equipment purchases, prepaying expenses, and inventory adjustments.
Retirement Contributions & Deductions
Retirement contributions (SEP-IRA, SIMPLE IRA, Solo 401k) are one of the most powerful year-end deductions. We help you understand contribution limits, deadlines, and the real impact on your tax bill.
Learn more about Retirement & Deduction PlanningOwner Compensation & S-Corp Strategy
For S-Corp owners, year-end is the time to review your salary vs. distribution split. We ensure your reasonable compensation is documented and your distributions are optimized for tax savings.
Entity Structure Review
Should you stay as a sole proprietor, LLC, or elect S-Corp status? Year-end is the time to evaluate whether a change makes sense for next year—some elections have January deadlines.
Quarterly Estimates for Next Year
Year-end is the perfect time to set up accurate quarterly estimated payments for the coming year. We'll use your current-year results to project next year and avoid underpayment penalties.
Learn more about Quarterly Estimated Tax PlanningMulti-State, DC & Maryland Considerations
If you work across state lines—Virginia, DC, Maryland—year-end is the time to review your nexus, apportionment, and filing requirements. We help Northern Virginia businesses navigate multi-state complexity.
Learn more about Multi-State & DC Tax PlanningOur Year-End Tax Planning Process (3 Steps)
Tax Fit Call & Financial Review
We start with a call to understand your business, review your current-year financials, and discuss your goals. If your books aren't current, we'll discuss cleanup first—accurate numbers are essential for accurate planning.
Projection & Strategy Session
We model different scenarios and show you the tax impact of various decisions—timing income, accelerating expenses, retirement contributions, entity changes. You see the numbers before making any moves.
Written Action Plan & Implementation
You get a clear, written summary of recommended actions with specific deadlines. We help you execute the plan and coordinate with your tax return preparation to ensure everything is reflected correctly.
If Your Books Aren't Tax-Ready, We Fix That First
Accurate year-end planning requires accurate numbers. If your books are behind or messy, we can't give you reliable recommendations—we'd just be guessing.
Here's our approach: If your books aren't current, we make them tax-ready first before providing final recommendations. This ensures our planning is based on real data, not assumptions.
This might mean a quick cleanup, or it might mean more substantial catch-up work. Either way, we'll be upfront about what's needed and what it will take.
Once your books are clean, we can move forward with year-end planning and seamlessly transition to tax return preparation when the year closes.
Common Year-End Scenarios We Help With
Every business situation is different, but here are scenarios we frequently help clients navigate during year-end planning:
FAQs About Year-End Tax Planning
When should I start year-end tax planning?
Ideally, we start in October or November to give you enough time to implement strategies before December 31. However, some decisions can still be made in December if we move quickly. The earlier you start, the more options you have.
What if my books aren't caught up?
We'll need current-year numbers to give accurate recommendations. If your books are behind, we make them tax-ready first so that our planning is based on real data—not guesses.
Can you guarantee specific tax savings?
No one can guarantee savings—and anyone who does is a red flag. What we can do is show you legitimate options, model the impact, and help you decide what makes sense for your situation.
Do I need to be a bookkeeping client to get year-end planning?
Not necessarily, but we do need accurate financials to work with. If your books are clean and current, we can work with what you have. If not, we'll discuss cleanup first.
What's the difference between tax planning and tax filing?
Tax planning is proactive—it's about making strategic moves before the year ends to reduce your tax bill. Tax filing is compliance—it's reporting what already happened. Planning comes first; filing comes after.
What happens after year-end planning?
We coordinate with your tax return preparation to make sure all year-end decisions are reflected correctly. Many clients continue with ongoing quarterly planning to stay ahead throughout the year.
Is year-end planning worth it for my business size?
If you're making over $100K in revenue or have complex situations (S-Corp, multiple states, significant equipment purchases), year-end planning often pays for itself many times over. We'll be honest if we don't think it makes sense for you.
Related Tax Planning Services
Year-end planning often connects to other tax planning and filing services. Explore related options:
Ready to Plan Before Year-End?
Don't wait until April to find out what you could have done. Book a tax fit call and we'll review your options while there's still time to act. Year-end tax planning in Manassas, VA starts with a conversation.
Book a Tax Fit Call