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Year-End Tax Planning, Already?

October 03, 2013

Preparing for your year-end tax filing now will make it much less stressful come April.

Before you know it we will be counting down to a new year. Staying ahead of the game and preparing for your year-end tax filing now will make it much less stressful come April.

It’s not too early to start planning. Take time to examine tax deductions and ways you can reduce your tax liability to save you and your company money, time, and lots of frustration. Think about your business goals and how your taxes can impact them.

Coming up with a plan early has many benefits. A plan can help you systemically prepare for your tax filing. Helping you organize all of your questions and concerns well before the deadline. Planning also gives you the additional time needed to analyze your financial statements and review any changes in laws that may affect your return this year. Finally, starting early will allow you the opportunity to take some action before the end of the year that could help you lower your tax bill for 2013.

Here are some things you can do now:

  • Catch up on your bookkeeping now! We know business owners sometimes wear many hats and it’s easy to get behind with your record keeping. But starting now, can help you avoid unwanted surprises next April.
  • Get organized. It’s easy to throw a receipt, bank statement etc., into the junk drawer or put it in a general file but all of these things will need to be organized and reported in detail. Depending on how well you have kept up with this throughout the year, this could be a large project. By starting to get organized now, you will have the time you need to get all of your paperwork in order.

Need help? It can be a lot of work, even overwhelming at times and you don’t have to do this all on your own. If you would like help developing a year-end plan, organizing your documents or reviewing issues such as the tax treatment of subcontractors, contact any member of our tax services group.

Visit our online tax guide for the latest on tax planning, investing and more.

Sources:
Inc. http://www.inc.com/guides/2010/06/tax-season-planning.html
Under 30 CEO http://under30ceo.com/get-ahead-of-the-game-prepare-for-year-end-now/

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