Mid-Year May be the Ideal Time to Look at Your Company to See What is Working and What is Not Working
It is about that time…to plan not only for the rest of the year – but for next year as well!
The unstable nature of the current economy means that many small business owners aren’t sure about taking any major steps the rest of the year. Some of these might mean buying new equipment or taking on new employees. When you meet with your accountant, you can get a better sense of what your Company options are. Accountants keep up with changes in the tax law, and may also have an idea of what deferred tax law changes are already set to happen and go into effect in the future.
Mid-Year Business Planning Points to Consider in General:
1. It is often better in many cases to plan for your company taxes for the year – before the year is finished. Year-end tax planning for small businesses is essential.
2. If your Company does have access to Credit, it is often best to apply for such credit before it is actually needed – so that your company has the flexibility to act quickly to take advantage of opportunities. If you wait to have a line of credit until you desperately need it – this will often be too late.
3. Take a look at Company office and operating procedures to see if there are opportunities to make changes to increase efficiencies or implement online technologies to increase efficiencies.
Please contact our office for any assistance needed for mid-year tax planning, business advisory services, setting up or improving recordkeeping systems, internal controls consulting, and accounting software set-up and recommendations at (305) 672-4272 or e-mail us at firstname.lastname@example.org.
Should you have questions or need Business or Individual Tax Advice, or help with FIRPTA:
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PHONE: (305) 672-4272 [4CPA]
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