End-of-Year Business Spending in Omaha – November 2021

The end of the year is coming quickly, and business owners are gearing up for the upcoming tax season. During a time when spending is most often thought about in relation to the holidays, it’s also a common time for business spending, depending on where you are at with your budget, and in turn, how that will impact your taxes. We talked to a number of tax specialists in the Omaha area to get some advice about what businesses need to be considering for end-of-year spending to close out the year in the best financial condition possible.

Find the Best Investment for Your Business

Cruise & Associates, Inc. (cruise-associates.com) is a regional accounting firm that has been working with individuals, businesses, and farm clients year-round for 30 years to help them reduce their tax burdens and improve their profitability. Their professionals specialize in a number of industries, including but not limited to: restaurants, bars, lounges, transportation, chiropractors, veterinarians, auto repair, real estate, and service businesses. Cruise & Associates provides consultations with business owners so they know precisely where they are financially, and they’ll help businesses create plans that are unique to their particular business and help them determine what they need to do in terms of spending before the end of the year.

“There is still time to get your business into the best possible tax position for the new year,” said Robert Cruise, president. “There are several year-end tax moves to consider. One could be updating the office. A fresh coat of paint and new office furnishings not only make the office more comfortable, but they also provide another tax deduction. How you handle deducting these expenses will vary depending upon whether you own or lease your office space. Another great option is rewarding your staff with a year-end bonus. It’s a great way to let them know you appreciate them, and it’s tax-deductible. You could also update your skills by attending a workshop or conference. While there are some limitations, many travel, lodging, and out-of-pocket expenses related to the training are tax-deductible.”

Other suggestions Robert shared included planning for the future by setting up a retirement plan for yourself and your employees, as employer contributions are typically tax-deductible, or investing in the company vehicle through general expenses such as fuel, oil changes, new tires, or basic repairs.

“There are a lot of nuances in the tax code affecting each of these end-of-year moves,” said Robert. “Don’t hesitate to get in touch if you need advice.”

Past-Due Receivables

AR Solutions (arsolutionsinc.com) is a licensed, bonded, and insured Nebraska Collection Agency that has been serving the area for over 16 years.

“Do what you do best and pay for the rest!” said Aaron Newell, founder. “Simply meaning, spend your time and efforts in whatever your specialty is and employ a specialist to do the things that you aren’t an expert in. Time is more valuable than money because once it is gone, you never get it back!”

They can help you with your end-of-year spending by analyzing the prior year to see if receivables are in line with industry trends. Though they specialize in healthcare collections, AR Solutions also has a division that performs retail and commercial collections. They are widely recognized for their professional handling of accounts as well as a success rate of collecting, on average, 2.5 times the national average.

“As we are nearing the end of a tax year, I think businesses should remember that cleaning up past-due receivables is an important end-of-year task, too,” said Aaron. “I would suggest taking a look at delinquent receivables and offering incentives to pay them prior to year-end.”

AR Solutions offers competitive fees that are contingent upon collection. You can trust that your accounts will be handled with the highest-quality services so you can focus your time and energy on what it is that YOU do best—running your business.

So, Where Do I Spend Extra Income?

You might be considering investing your money back into the office and upgrading workplace safety and configuration. AOI Corporation (aoicorp.com) can construct and furnish the built environment thanks to their decades of experience, the latest research, and state-of-the-art tools and equipment. They offer solutions including construction, furniture, and prefabricated wall systems that can be leveraged in conjunction with one another or used separately to achieve your business goals.

“Before spending your money on furnishings, consider selecting items that are highly flexible and adaptable—easily moved and reconfigured as needed,” suggested Penny Johnston. “If you aren’t sure where to start, we can help guide you through the process.”

Changes in technology, workflow, regulations, staffing, and disasters all highlight the need for environments to flex and adapt. Pre-manufactured interior solutions offered by AOI are keenly focused on solving this issue for businesses. AOI does a fabulous job of helping you create a fully integrated, customized approach to creating far more than an office space for you.

“Our clients trust us because we make their problems disappear,” Penny said. “They value us because we operate as an extension of their business. We offer a non-prescriptive, adaptive, and customized approach that custom-fits an organization, its vision, and goals. By working together, we don’t just solve the problem, we offer the right solution.”

Another suggestion for end-of-year spending is by investing in marketing for your business. Strictly Business fills a niche in the local marketplace, connecting both consumers and businesses with other businesses. People read Strictly Business to find out what’s happening here in the community, tap into the knowledge shared by local experts, familiarize themselves with names and faces of local businesspeople, discover opportunities, and get ahead. As an advertising tool, we allow businesses to increase their brand awareness and gain credibility. Invest in your business’s marketing by scheduling a meeting with our President Paige Zutavern to discuss the best advertising strategy that fits your budget and goals.

Meet with a professional to discuss your options for year-end spending that has your business’s best interests in mind. We recommend these local professionals and businesses to help you make 2022 your business’s best year yet!