Year-end is right around the corner which means year-end planning for business owners and advisers has commenced. Strategic tax and business planning can position you to reduce taxes and accelerate your business growth to new levels in 2017.
Business owners should team up with accredited and trusted financial advisors to develop comprehensive tax and business strategies. Comprehensive planning related to your business includes a wide variety of considerations unique to your business and industry, below are key areas that should be included in any year-end discussion with your adviser:
- Overall Business Vision and Goal Prior Year Progress
Consider if you have met your annual, quarterly, and monthly business goals, both financial and strategic. Assess your performance and plan accordingly with your advisor for the coming year based off your past performance and future projections.
- Cash Flow
Cash flow is the lifeblood for any small business or investor, impacting your daily operations and overall business planning. Assess your cash position with your financial advisor and plan for the coming year based on your current position and projections.
Review your payroll information to ensure that is it updated and completed. Considerations include items such as proper classification of employees, updated information, compliance with payroll regulations, data security and integrity.
- Tax Planning
The fourth quarter is a key time to develop and implement tax planning strategies with your CPA. Assessing your tax position at the beginning of the year and planning your finances and investments accordingly can led to significant tax savings at filing time.
- Estimated Tax Payments
Businesses and investors who pay estimated tax payments throughout the year should review their current position with their CPA to assess any shortfalls before year-end and plan for the upcoming tax year.
Business owners and investors have complex tax situations and benefit greatly by maintaining trusted business advisors with financial expertise such as CPAs. Reducing tax liability is key to any successful overall business or investing plan. Decreasing taxes translates to more money in your pocket, a higher return on investment, and a faster accumulation of wealth. By consulting your business advisor now and considering the points above, you’ll be able to lower your taxes, reduce potential payroll-related penalties, and develop a strategic business plan to optimize your success in the upcoming year. For tax help for business owners or tax help for investors in Charlotte, give Camuso CPA a call.