It's Tax Time All Year Round

Many small businesses make the mistake of ignoring taxes until they get ready to have their returns prepared. However, it's wise to think about the tax implications of almost every business decision throughout the year. If you wait until the year has ended, there are very few options left.

Here are just five of the tax-smart decisions we can help you make during the year. If handled properly, they might significantly reduce your tax liability:

1. Should you buy or lease vehicles, equipment and buildings?

2. If you're going to make a major purchase toward the end of the year, would it be better to wait until after the first of the next year?

3. Which vehicles provide the best tax breaks? Should you buy an SUV? Do all SUVs qualify for favorable tax breaks?

4. If you buy a vehicle for personal use and business use, should your company own the car?

5. Should you pre-pay expenses in December, including rent or mortgage payments? Should you load up on supplies and equipment? Or would it be better in your situation to wait until next year to incur these expenses?

Every month, you make business decisions that can affect the taxes you pay for the year. Why not make those decisions with guidance from a tax professional? We can help you navigate the ins and outs of the law throughout the year, then prepare your business and personal tax returns by taking advantage of every tax break available.

Contact our office to find out how your business can plan all year to make the most of the tax law.