Tax Planning for Small Business

Tax Planning for Small Business

November 1 2017

The end of the year is quickly approaching, and it's time to schedule your yearly tax planning appointment. To take full advantage of the credits and deductions that can save your business money, you should make a point to sit down with your accountant or CPA. 

If you're already meeting with your tax advisor for quarterly planning, you should know your sales projections and cash flow. These strategies need to be implemented by December 31, so make your appointment with your CPA now.

Here are some of the items your meeting should cover:

Reducing the amount of taxable income

Lowering your tax rate

Controlling when you need to pay taxes

Claiming all applicable tax credits

Avoiding mistakes

Alternative Minimum Tax

Besides taking advantage of all the tax savings that may be available, it also gives you a jumpstart on your taxes. To have an effective tax plan in place, your numbers will need to be reviewed. For your CPA to be able to do that, your numbers will need to be in order, work that would typically be done during tax preparation. Your CPA or account will be able to let you know what you'll need at the beginning of the year to finish your tax prep, saving you time and eliminating that last minute scramble to find the information you need.

 

 

 

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