While it’s only October or November when you are reading this, now is the time to plan to reduce your tax bill for 2017.
By December, it’ll likely be too late. And by the time January comes around, you will have likely missed out on your best tax saving opportunities.
So, how can you best start planning now?
First, call your tax advisor and book an appointment to review your projected revenues for the year. If you do not have a tax advisor you love, contact us and we can refer you to someone we trust for your type of business.
If you are part of one of our ongoing advisory relationships, inquire about having us attend the meeting with your tax advisor with you. If you aren’t part of an ongoing advisory relationship with us yet, this could be the time to get started.
To prepare for the meeting with your tax advisor, make sure your year to date profit & loss (P&L) is up to date, all income and expenses are properly categorized, and prepare a projection of anticipated income through the end of the year.
Then, when you meet with your tax advisor, ask her or him to prepare a projection of anticipated tax due based on your current expected annual income and expenses and to provide at least two alternatives with tax savings strategies built in, such as funding a retirement account, deferring expenses, accelerating income or other strategies that may be unique to your life and business.
Finally, once you receive that back, and ideally you will receive that before December 1, contact us so we can support you in making the right strategic choices for your business before the end of the year.
This article is a service of Gratia P. Schoemakers, Family & Business Lawyer. We offer a complete spectrum of legal services for businesses and can help you structure your operations for success. One of our primary services is a LIFT Audit™, in which we review all of the legal, insurance, financial and tax systems in your business, identify any holes that are costing you money and keeping you from earning more. Call us today to schedule a time to get your legal, insurance, financial and tax systems in order!