Plan now to save taxes
Tuesday, August 9th, 2011
Summer is a good time to talk with us about planning to save taxes next year. We have more time to help you take stock of the first half of the year and explore options before it’s too late in the year for them to make a difference.
Among those options:
- Consider equipment purchases, to take advantage of tax incentives that may expire soon.
- Improve facilities and depreciate them under accelerated schedules set to expire at the end of 2011.
- Take advantage of hiring incentives if you need extra help.
- Consider hiring your children and pay less employment taxes.
- Set up and contribute to a retirement plan, or consider whether your present plan is the optimum choice, to defer paying tax on income.
- Make sure your records support deductions for vehicle use, travel and entertainment.
- Look into net operating loss carrybacks to recover taxes paid in prior years.
- Adjust your estimated tax payments for the second half of the year.
Consult with us to gauge the tax impact of various options you are considering. And remember, don’t let the tail wag the dog. No one wants to pay more taxes than necessary, but first consider the questions, “Is this the best decision for my business? Will this help my company achieve its goals?”