Year End Tax Planning
Finally, the end of the year is almost here and what a year it has been. Even the weather is doing new things, we are already in snow, talk about challenging and exciting!
The approaching end of the year brings a lot of activities and one really important one is Year-End Tax Planning. It is one activity that can actually put money in your pocket instead of all the investments of the holidays!
If you have an S Corporation or a C corporation, Year-End Planning is critical.
The biggest benefit in knowing where you are tax-wise is that it gives you the ability to implement some strategies to reduce your tax liability. Depending on your situation there can be several strategies which could be implemented before the end of the year. Things like selling an investment to realize the loss, buying equipment this year instead of waiting until next year, prepaying your C corporation for services, or a number of other strategies that will fit your picture.
If paying tax is inevitable we can estimate how much you may have to pay in March and or April. This knowledge allows you to plan so you are in the financial position to pay any taxes you may owe. Knowing now how much money you may need to come up with in March and or April allows you more options and more time to make wiser choices than waiting until its time to write the check and being reactionary. You may want consider moving money around or looking for the best time to liquidate investments. Or maybe you will delay some spending or possibly focus your efforts on raising cash.
The benefits of doing Year-End Tax Planning far outweigh the cost.
If you are already a CFO and Tax Monitoring client, then the Year-End Tax Planning is free.
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If you are not yet a client and would like to learn more about our planning and strategy services be sure to get scheduled and we will see if it is a good fit for you.