I want to talk to you today about year-end tax planning.
You’re probably wondering why we are talking about the year in tax planning in July? Well, I’m sure some of you have received that phone call from your accountant over the years. Right on April the 15th. “Oh, by the way, you owe X dollars in taxes,” or hopefully, you’ve got a few phone calls over the years like, “Oh, by the way, you’re getting a refund.” But either way, the time to find that out is not close to April the 15th.
I want to talk to you today about year-end tax planning.
It’s better to find that out there in the year. And the longer we have to prepare with you during the year for your year in taxes, the better plan we’ll have and the better outcome you’ll have.
So if you’re waiting until December, even after the end of the year, to find out what you’re going to owe in taxes, it’s hard to do any actual planning and have any real impact other than just knowing what the number is at that point.
So, I highly recommend that everybody who is in business, whether you’re new in business, you’ve been in business for a long time, it good to start doing year-end tax planning in the last half of the year, not the last month of the year.
And right now, with supply chain issues and other issues, it might be hard to if you need to change things up there in the year, you need to buy some new equipment. That new equipment may not be available right away if you wait until the last month of the year if you have to buy that equipment and may not be able to be in place in service before the end of the year.
So please see us here at Suncoast CPA Group, and let’s start taking a more proactive approach to tax planning and doing it throughout the year, at least in the last half of the year, and not waiting until the very end the year. That way, we can achieve a better outcome for you and your business. Thank you.
