"For 2016, we can play by the rules we have available to us now," said Gavin Morrissey, managing partner at Financial Strategy Associates in Needham, Massachusetts. "Small-business owners should re-evaluate things in 2017, once we know the new tax rules under Trump."
Though the end of the year is a good time for even regular 9-to-5 employees to do some tax planning, it's especially critical for owners of small businesses. In part, that's because entrepreneurs are responsible for paying their estimated state and federal taxes on time.
They're also on their own when it comes to setting up and funding their retirement plans in a timely fashion.
"Take the end of the year to clean up your books, reconcile your cash, and when you are ready to talk about taxes, we can do so intelligently," said Dave Burton, a certified public accountant at Burton & Company in Hollywood, Florida.
Here are a few suggestions that will get you through the last few weeks of the year.