Year-End Tax Planning

Tax and Money Tip of the Week
Year-End Tax Planning
November 30, 2011 | No. 70

A year-end tax planning meeting with your CPA can keep you informed of your year-end tax situation for cash flow purposes.  Know how to not overpay your taxes.  You can also avoid potential penalties.  Year-end tax planning recommendations can frequently pay for itself. 

For the business owner, one of the largest expenses can be taxes.  For this reason alone, this expenditure requires planning and monitoring as any other major expense.  A year end planning meeting with your accountant should include a discussion of:

  • any assets purchased during the year
  • anticipated year-end revenues and expenses
  • plans for current year retirement funding
  • any refinancing of debt that occurred in the current year
  • any changes to your business structure

This planning meeting should prepare the business owner to anticipate the amount of taxes that will be owed on March 15th (or April 15th if the tax burden flows through to the personal return).  To be effective, tax planning needs to be done prior to New Year’s Eve. 

We can provide knowledge and experience to help you understand and fully utilize your tax plan.  Use our experience in year-end tax planning to enhance your bottom line.  Give us a call if you would like to discuss your personal tax situation and if we might be of assistance to you.

Questions or Comments?

You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®

…until next week.

This entry was posted in Tax and Money Tip of the Week and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s