Now is the time to have that chat with your CPA to see if spending any of your hard-earned profit this year may help lower your tax 2013 liability. In our case, we “saved” about 1/3 the cost on our taxes by spending some of it this year.
The IRS ratchets up the percentage you must pay in a tiered fashion, starting at 15% for $50k to 39% or more for over $100k in profit. Of course, you need to add state, county, and city taxes on top of that.
If you need to do some upgrades before the end of the year, let us know sooner rather than later so we can get the work scheduled before the holidays!