Click here for business tax tips                                     Click here to ask a question

Business Tax Planning

Year-End 2007

As year end is approaching, you have the opportunity to look back over 2007 and evaluate where your business stands.  While doing this, there may be steps you can take to reduce your income tax liability for 2007.  These steps must be taken before January 1, 2008.

 

How can you take advantage of this opportunity?  Call our office and make an appointment.  You will need to have up to date profit and loss information.  If we are currently doing your bookkeeping, we will need your information through at least October and preferably November to update before the appointment.  If you prepare your own reports, we will need copies of your profit and loss statement, balance sheet, and general ledger for the same time period.  We will need to know of any changes expected before year end, such as equipment purchases, and new contracts.  Basically anything out of the ordinary that will cause your income or expenses to change dramatically from the first eleven months of the year should be part of our discussion.  These changes can be incorporated into your year end picture.   With this information, we can help you clearly see where your business stands.  From this evaluation we can help you take the steps necessary to reduce you tax liability. We will also make suggestion on how to grow your business in the future. 

 

If you have any questions, please give us a call.  Thank you.

Click here for business tax tips                                     Click here to ask a question