End of the year Tax Planning
As a small business owner, the worst thing that can happen is overpaying you tax at the stipulated time – that is, either quarterly or yearly – when you are meant to pay. It is better to get the best and most accurate and professional advice on how to pay your tax with no deduction, reduction or addition. Getting series of advice or creating an appointment with an attorney or an accountant who can help with the payment of your tax at due time is the best thing to do.
For a successful running of a business, it is important to get this right so that you can have a smooth market period the proceeding the tax payment.
On the other hand, getting an attorney, CPA or an estate planning team before the year runs out could help you save yourself of some cash. It is actually more beneficial to get the help of someone who knows much about the process than you stressing yourself over such task. It is better to plan ahead before the stipulated time so as to avoid last time rush at the expense of time.
The use of a CPA or an attorney can specifically help you to accelerate or delay specific purchases you are planning to make. This can also help you to keep some money in your wallet rather than you spending more. It is important as a business owner to visit your attorney so as to discuss the tips as regards your business.
Tips to be offered by your attorney includes:
You should be able to differ Income and accelerate your expenses : as a business owner, it is advisable to get as many deduction as possible in tax payment before the year runs out. This is so because it is possible that there will be a reduction in tax rates under the new administration’s tax proposal. You can help reduce your expenses by moving some normal expenses to be due next year into this year and you should shift some income from this year into next year.
Also, getting an acceleration in depreciation is a way to also get yourself free from Hugh tax payment. According to law, it is possible for you to avoid the payment of some particular tax if you have a good and nice conversation about your activities with your CPA or attorney. Your attorney can help you avoid some tax since he or she have a perfect idea about the law and will always work to protect your interest as a client at all times. As long as you are able to purchase a qualifying non-real property for business use before the end of the year, you will be able to get a huge write-off from the year’s tax.
As a business owner who aim at getting the best at all time for yourself, you should get someone else – preferably another attorney or COA – who can help you to recheck any part that might have been missed out by your previous attorney. Fortunately, if there is any deduction or credit your attorney missed and it is not over 3 years, it is possible for you to get a refund and you will get the best out of your business the following year.
Always seek advice and get professionals to give you a helping hand whenever you need one.