End of Year Tax Planning

end of year tax planning tips
Tips to get you started

Tax planning helps your business pay less in taxes. A good tax plan will take advantage of every financial opportunity to help keep your business healthy. Tax time is always stressful especially with the extra complication of running a business. It is not possible to provide tax advice to every business in a single presentation. We encourage you to do additional research on the tax provisions that may directly affect your business. The tips below will at least give you a good starting point.

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Do Not Put Deadlines Off

Get your tax planning done as soon as you can. Tax Form Resource Guide Book

Tax Professional Help

With the changes coming due to political changes there are many variables that may affect this year compared to next year for the maount of tax due and the qualified tax deductions you are eligable for.

Have a Tax payment Plan

Cash flow is very important to any business. A large April tax payment if not expected can be a huge issue. The sooner you know the amount to expect the sooner you can make plans for payment. Making quarterly estimated tax payments can reduce this strain.

Evaluate and Refresh Your Knowledge

Make sure you are familiar with all the IRS forms, schedules, and other publications. Tax laws can change. Make sure you are up to date.

A Retirement Fund

Small business owners can get a tax credit by contributing to a retirement fund, like a personal IRA or a 401k. In some cases, small businesses can even get a tax credit for the cost of setting up such a fund in the first place.

Charitable Contributions

Remember that you will need to make your donation before the end of the year for it to count on your current tax year.

Disater Loss Refunds

If your business has suffered losses that can be directly linked to a disaster, you can claim some of these losses on your taxes. Things like destruction of property, loss of inventory, closure of offices and other facilities.

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