Business owners and individual tax payers will do well to consider their taxes before the end of the year. Don’t wait until April to start thinking about it.
Most of us know to keep track of our receipts, watch for our w-2s and 1099s in the mail, but that’s just record keeping. Real year end tax planning takes into consideration how to actually minimize your tax burden. To some degree, you can push out your tax burden to the next year, or sometimes it’s actually beneficial to accelerate your tax burden into the current year so that the following year will have less tax.
The U.S. tax code is more than 27 THOUSAND pages long. Business owner aren’t expected to know it in and out. That’s where a trained, experienced, CPA comes in.
Probably the most important part of your year end tax planning strategy is the selection of a trusted CPA.