Optimize with Tax Planning
While it may seem like you just finished dealing with your business taxes, as a small business owner, now is a great time to be working on tax planning. The next few months are a crucial part of the year to get your financial records up to date, see where your profits/losses stand, and make smart decisions to do whatever is possible to minimize your tax liabilities and make smart business choices.
Taxes are taxes, but by planning, you can understand what changes can be made and their ROI to take advantage of deductions and credits. This can free up money that you can reinvest in your business.
Many times, small business owners do not take advantage of their CPA’s for tax planning purposes. By not doing so, they are missing out on tax-saving strategies that need to be implemented on or before December 31, 2023. Benefits of tax planning include:
- Reduce the amount of your taxable income
- Try to lower your tax rate
- Try to utilize any tax credits/deductions that may be available
- Improved cash flow and increased profitability
- Make smart year-end decisions to benefit your small business
Give Roper Accounting Group a call at 919-844-6111 to set up an appointment.