5 Timely Tips
It’s that time again for small business owners to think about taxes and more. Certainly, it’s not a pleasant activity but the sooner you start, the sooner your year-end tax plan will begin. At FL-Accounting & Advisers, we’ve researched some tips for you to consider that we hope you will find useful for this week’s tip.
Year-End Tax Planning
Firstly, we’d like to suggest that you schedule a meeting with your tax advisers if you haven’t already had your meeting. Your tax advisers may be able to assist you with your year-end planning strategies. Depending on your accounting method, your tax adviser may help your business with depreciation schedules, deferred income & accelerated deductible expenses (or vice versa) and more topics for your consideration.
Taxable Vs. Un-Taxable Fringe Benefits
Knowing which fringe benefits are taxable or outside the taxable realm may lighten your tax burden. It’s important to choose the right fringe benefit investment for your company. Consult with your accounting advisers for the latest rules regarding fringe benefits.
Invest In The Counsel Of An Accountant Specialist or Tax Attorney
Tax planning is often an end-of-the-year scramble, but it need not be. For the health of your small business – consider working with a professional who is able to offer you help, guidance or assistance with a variety of options or choices throughout the year as the professionals can offer you guidance that may affect your business tax burden.
Review Your Business For Exposure
We’ve all heard about identity theft and unfortunately now small businesses may be victim to very same. Business identity theft is a growing concern and it’s a real threat to small businesses. For example criminals realized that they might be able to generate larger tax refunds when they steal the identities of small businesses by claiming the deductions and credits of that business and filing for taxes early. By taking precautions such as filing your tax forms early, a business may be able to avoid identify theft.
Small Business owners may be able to create retirement plans that take advantage of tax deferral rules to maximize tax savings now and retirement savings later. There are many different choices and it’s is encouraged that you contact a seasoned expert to help you navigate your options and choices.
We hope you enjoyed this week’s topic. At FL-Accounting & Advisers ~ Your Boutique Accounting Company, we are here to help you with your specific accounting needs whether it tax planning, financial consulting or bookkeeping. Contact us for your complementary consultation at