Below is an excerpt of an article by Bret Curtis, tax shareholder in our Overland Park office, which was published in Thinking Bigger Business. Click here to read the full article on the Thinking Bigger website.
If you find yourself scrambling at the end of the year to find tax-saving opportunities, here are five tips you can use right now.
Start Early // As a business owner, you’ll save yourself future headaches if you communicate with your CPA now to understand what you’ll need to do before year-end. Plus, the closer you get to year-end, the less time you have to put a plan in place to control your income tax liability.
Assess Your Needs for Capital Improvements // Congress has enacted several provisions in recent years that incentivize capital improvements by advancing otherwise allowable deductions. If this is a big income year for you, take advantage of those provisions if you have capital improvement needs.