It is December! The one time of year when you have a once-a-year opportunity to make some last-minute decisions that can dramatically affect your 2015 taxes. Within limits, you can increase or decrease your 2015 taxable profit from your business. Come January 1st, it is too late.

Here is an annual list of “Seven Strategies” from Bell Springs, publisher of Small Time Operator, Write It Off! Deduct It!, and 475 Tax Deductions for Business, that can save you a bundle on your 2015 taxes:

Strategy #1. Pay all of your bills, including January’s monthly bills, in December and get a tax write-off in December. Expenses are deducted the year paid (cash basis taxpayers; some exceptions). However, if you do not need an extra deduction this year, if your profit and taxes are going to be very low for 2015, hold off paying bills until January. You will get the deduction next year when it will help you save on next year’s taxes.

Strategy #2. Buy office equipment—a new computer, copier, office furniture—before December 31st, and write off the entire cost this year. This is as long as total purchases for the year are less than the first-year write off maximum of $25,000. Or if you do not need an extra deduction this year, delay major purchases until 2016 and get the deduction next year.

Strategy #3. Stock up on, and pay for, business and computer supplies, stationery and other consumables, and write off the entire expense in the current year.

Strategy #4. Pay your 2016 service contracts, Internet fees or similar recurring charges by December 31, and write off the entire amount in 2015.

Strategy #5. Make and pay for needed repairs to your office and equipment in December and get a full deduction this year.

Strategy #6. Wait until January to bill your customers for December’s work. Income is taxed the year received (cash basis taxpayers).

Strategy #7. Hire your children to work in your business over the holidays. If they are under 18, you can pay each of them up to $6,200 a year, write the wage off as a business expense, and the children owe no income or payroll taxes. There are many limits and requirements to this law, but it can be a significant tax savings for you, and a fun opportunity for your kids.

These are just a few of the bigger and better known year-end tax strategies. For more strategies, deductions, and tax-saving tips, treat yourself to a copy of Bell Springs’ best-selling guidebooks Small Time Operator, Write It Off! Deduct It!, and 475 Tax Deductions for Business. We think you will find these guidebooks to be a most worthwhile investment. Learn more about them on our web site www.BellSprings.com.

The above was taken from Bell Springs annual update and used with permission. I have been a long-time fan of all these books and use them every year. Let me know how time blocking works for you. I would love to know, just leave a comment below or go over to the ICAP Facebook or Google+ pages and leave a comment there.

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Morna McEver is the founder and CEO of the International Association of Creative Arts Professionals where creative arts entrepreneurs craft business success. Her weekly e-zine offers tips, techniques and inspiration to help you craft business success from your creative arts passion. You can sign up for a FREE subscription at http://www.creativeartsprofessional.com.

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It is exactly two weeks to the last day of 2014. To me, this year just flew by. While two weeks does not seem like a lot of time, especially with all the busy holiday activities, you can still take positive actions to end your year right and get a head start on 2015. Here are seven tips that I am taking to heart:

1. Don’t wait until Dec. 31 to check your financials. Do you need to follow up on any late invoices if you want the income to be in 2014? Do you need to defer the income until 2015? Do you need to make any expenditures by year end? What tax consequences should you be aware of? A quick call or email to your accountant could make a difference.
2. If you do not have a giving plan in place, consider starting one before the end of the year. Yes, you will get a tax deduction, and yes, it will make you feel good. You can find numerous local charities in your own backyard or look online for some that work with creative arts. I have supported both groups that help women get back on track locally and also microloan foundations that target the funds to help women make a living from crafts. Two to look at here are www.finca.org and www.kiva.org. Even $25 makes a difference.
3. Look back over the year to see what your successes were. I think as entrepreneurs we often do not take the time to celebrate what we have accomplished. We are always onto the next big thing. Go back and list what your accomplishments were. I bet you can come up with 100 if you try. Let me know how many you find.
4. As you looked over your successes, did you see places for growth? Spend some time over the next two weeks getting clear on what is possible for you. Consider who you will need for support, whether that is private coaching or your own personal networking group.
5. Have you started planning for next year? Have you purchased your calendar or created one that works for you? Have you entered dates for big events and those appointments with yourself? That way you can start the year on the right track. You will see where you need to fill in to build your business.
6. Have you thought about what Your Big Why is? What is the reason you get up each day and work in and on your creative arts business. If you are unclear, set aside some time over the holidays to consider it. That will make a difference as you begin the New Year.
7. And, since my topic is clean-up, I plan to spend some time tossing what is not needed in my studio, so I start on a fresh note in January.

What are you doing to be sure you end the year on a positive note? Leave a comment below, or go over to our Facebook page and share.