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Now is the time to start reviewing the current year earnings to plan for the tax strategy needed to capitalize the most tax savings. At the years start a solid business plan has given consideration to tax exposure, but these plans are exactly that tentative. At the end of the 3rd quarter and start into the 4th quarter a solid base for analytics has accumulated. Qualify the business standing with reconciled accounts and consult with your CPA or otherwise qualified business consultant. An oversight from unreconciled accounts can be costly misconstruing the dataset for decision making. Tax incentives have phase-out dates and can expire an example being the 2017 Tax Cuts and Jobs Act (TCJA) which is in effect for tax years 2018 through 2025.There is always the possibility of ending the annual financials with too much debt and recording poor ratio score of growth such as ROI, Liquidity, the turnover of Accounts Receivable &/or Inventory. There are always steps that can be taken to rein in some loose strings in these areas. Perhaps a purchase is beneficial to reinvest earning in the business and now is the time to take the steps that will lead to beneficial tax planning.Again, a good start is to make a sample audit of accounts verifying reconciliations and qualified records to make sound business decisions. Contact Frank & Associates, LLC to help with accounting needs.
How to set up communication?
What is a confirmation statement?
Ask an accountant for help or not?
In which direction to move the business?
When the mechanism is broken
