Year-End Tax Planning Starts in September, Not December
Every December, owners call their CPA and ask what they can do to reduce the year’s tax bill. The honest answer at that point is: not much. The retirement plan should have been set up months ago. The equipment order needs to be placed in service by the 31st. The entity change has to be […]
Tax Strategy vs. Tax Preparation: Most Business Owners Only Have One of Them
An owner with $600,000 in income sent me his return in April and asked whether the number at the bottom was reasonable. It was accurate. Every line was correct. It was also about as large as it could legally be, because nobody had done anything before December 31 to make it smaller. That is the […]