Now is the time for Year-End Tax Planning
Updated: Feb 1, 2021
After 12/31 it is too late to manage your tax liability. Now is the time to meet with your tax professional to review your business and personal tax situation. Many times, you can save money by proactively managing your Federal and State tax obligations. This is the time when you should make year-end decisions such as: • Accelerating or deferring revenues • Accelerating or deferring expenses • Should you purchase business assets prior to year-end • Personal tax decisions • Tax law is very complicated & there are many other tax implications that may impact you Your team at IMS Business can help get your records in shape so your tax professional can easily help you with your planning. Selecting an educated and experienced tax specialist is important. If you do not have a tax professional, we can make recommends of reputable of organizations with high levels of tax expertise. Tax planning is smart business.