The purpose of tax planning before your fiscal year end is to minimize your tax liability. An experienced tax CPA will scrutinize your revenue, expenses and business processes to ensure that you are taking maximum advantage of all applicable opportunities to minimize your tax liability and take advantage of all tax savings programs. That is why tax planning is as important as preparing your tax return.
Careful tax planning is critical for business success in an unpredictable economy, like what we are currently experiencing. As we enter tax season, there are many factors to examine in preparing your individual tax return, too, including changes in marital status and welcoming children into your growing family. Owning a business or rental properties and various investments adds a layer of complexity of its own.
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Tax planning is necessary for individuals facing the challenges of owning and managing a business and preserving and growing their wealth in a complex regulatory environment. Tax laws continually change and evolve. Our experienced tax CPAs stay up-to-date and informed about the latest tax changes. We work with many business owners to ensure that they can take advantage of any tax saving strategies available.
Once your tax returns are completed and filed, it is a good time to review their impact on your overall finances and business strategies with your CPA. So, as we end one tax season, we begin planning early in anticipation of the next. After all, the purpose of tax planning before your fiscal year end is to minimize your tax liability going forward.
Have Accounting or Tax Questions?
If you need assistance or have any questions about the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.
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