For Schedule C individuals (sole proprietors and single member LLC’s), the days between Thanksgiving and Christmas are the perfect time of year to review your business’s “bottom line” for the year.

If you find your net income significantly ahead or behind compared to your prior year net income – reach out to your tax preparer to discuss if you may need to revise your quarter 4 estimated tax payments.  Also, if you collected Pandemic Unemployment Assistance (PUA), be aware this governmental aid is taxable income.  As the Pandemic has turned so many peoples’ financial situations upside down this year, taxpayers should take this final month of the year as an opportunity to plan for 2020 as well as 2021.