A Quick Guide to
Tax Planning For Business Owners
What to review before making year-end financial decisions.
Review your current revenue, expenses, profitability, and expected year-end income. Having an accurate picture of your business can help identify areas that may require attention before the year closes.
Depending on your accounting method and circumstances, the timing of income and expenses may affect your tax situation. Consider the broader financial impact before accelerating or delaying transactions.
Business growth, changes in ownership, profitability, or operations may be reasons to review whether your current structure continues to fit your circumstances.
Make sure your business expenses are properly recorded and supported by appropriate documentation. Review significant purchases, recurring expenses, and planned investments.
Compare your estimated tax payments with your projected tax position. Changes in business income throughout the year may affect your estimated tax requirements.
Buying equipment, hiring employees, expanding operations, selling assets, or making other significant financial decisions may have tax implications.