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In what feels like the blink of an eye, we are now at the end of 2021. As a business owner, that means you've got plenty of work ahead of you to get your financial records ready for tax time. However, with the holiday rush and the headaches that have come along courtesy of the pandemic, you may be wondering how you will ever get your books in order.

Though you may be known as a "baby boomer," you and 10,000 others like you are turning 65 each and every day, meaning retirement benefits like Social Security are becoming an important part of your life. Since it's likely Social Security benefits will play a crucial role in your financial future upon retiring, it's vital you stay aware of any changes and how they may impact you moving forward.

When it comes to your taxes, you want to save as much as possible. As December 31 gets closer, it's important to turn your attention to maximizing your ability to take advantage of tax breaks. Whether you had a great year financially or found it to be a struggle, here are some great tax strategies you should implement before year's end.

Defer Your Income

Electric vehicles appear to be here to stay as they continue to grow in popularity with more and more drivers on the road today. And, as more auto manufacturers commit to producing electric vehicles, buyers are still looking for ways to offset the cost of their purchase.

In 2021, more people than ever are considering converting their traditional IRA into a Roth IRA. However, though eager to do so, many hesitate because they are confused about what is known as the "five-year rule." If you are one of the many who needs answers to your five-year rule questions, here is the Roth IRA five-year rule explained in easy to understand terms.

Future Distributions

While your CPA may seem as if they are a superhero at tax time, that doesn't mean they look forward to having to wade through a complex mess of receipts and other documents. Remember, the harder you make the job of your CPA, the less efficient the entire process will be. To keep things running smoothly, here are some ways you can make your CPA's job easier.

Be Honest

When you go to your mailbox and find you have received an IRS letter or notice, you may be stricken with panic and fear. However, the IRS sends out millions of letters and notices to taxpayers annually due to various reasons and situations. While it's possible you could be facing a serious financial situation, most letters and notices can be handled without you ever having to visit an IRS office in person.

If you are a person who has assets of significant value, you want to pass this wealth on to your heirs. To do so while minimizing estate taxes and providing the assets to your heirs tax-free, it is vital you understand tax strategies that work best in these situations.

If like many business owners across the U.S. you relied on a loan from the Paycheck Protection Program to keep your business afloat during the COVID-19 pandemic, you were certainly glad to have this financial assistance.