What is Tax Planning?
Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business transactions to reduce or eliminate tax liability.
Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their CPAs, EAs, or tax advisors but tax planning is an ongoing process, and good tax advice is a valuable commodity. It is to your benefit to review your income and expenses monthly and meet with your CPA, EA, or tax advisor before the end of the year to analyze how you can take full advantage of the provisions, credits, and deductions that are legally available to you.
These days we have devices at our fingertips just waiting to connect us to all the weird and wonderful offerings of the internet. Who can blame us when one funny YouTube video invariably turns into three hours down the internet rabbit hole? The tech age has turned us all into masters of procrastination.
However, we can harness the power of technology and use it to keep us on track. Let me introduce you to three tools that will turn you into a model of efficiency.
Are you scared that you might make a mess in QuickBooks Online? You are not alone. Every new QuickBooks Online user is concerned that they might mess things up.
Here are some things you should know so that you can get off to a good start with QuickBooks Online.
A couple weeks ago I posted some tax mistakes that business owners make. Well, as I worked with several clients since then I found five more tax mistakes that consistently popping up.