The clock is ticking toward champagne and New Year’s resolutions. But before you dive into the festivities, now is the perfect moment to get your tax affairs in order. After all, why pay more than necessary? Here are some practical tips to help you maximise your year-end tax planning.

Tip 1: bring forward your expenses

Paying taxes is like doing the dishes—unpleasant, but necessary. Fortunately, it’s perfectly legal to bring forward certain expenses. Think office supplies, marketing, or maintenance costs. By making these purchases before year-end, you lower your profit and your tax burden.

Tip 2: invest wisely in business assets

Now is a great time to invest in equipment, tech, or machinery your business needs. Thanks to investment deductions, you’ll simultaneously save on taxes and boost your business. It’s like shopping with a subtle tax discount.

Tip 3: review and optimise your inventory

Do you have outdated, damaged, or no longer sellable stock? Then it’s time to look at your warehouse and write off what’s no longer valuable. This lowers your profit and your taxes. A tidy space and a tidy bottom line!

Tip 4: take full advantage of tax schemes

Tax benefits exist for a reason. Look into options like the small-scale investment deduction (KIA). These schemes offer financial advantages that you’re entitled to as an entrepreneur. Do your research and you’re likely to come out ahead.

Tip 5: be strategic with your income

If there’s flexibility when you receive income, it can be smart to shift it to next year. For example, by sending invoices a bit later, you lower this year’s profit and your tax bill.

Tip 6: invest in your pension

Saving for retirement isn’t just wise for the future—it also offers immediate tax benefits. By contributing extra to your pension plan before the end of the year, you reduce your taxable income. Your future self will thank you!

In short, finish the year strong by making clever use of expenses, investments, and available tax schemes. Since every entrepreneur’s situation is unique, getting personal advice can pay off. A good tax plan could save you thousands of euros—but it takes insight and a thoughtful approach.

Want to find out which steps you can take to save on taxes? Contact us, and we’ll examine your situation together!