Are you feeling overwhelmed with year-end accounting tax?
Now is the time to make sure your books are up to date as Individuals need to file their tax returns in February.
As 2015 approaches, we will have to close the books for this year and start new files for next year. We will evaluate net profit and losses for our clients and complete year-end tax planning.
Your CPA can help make sure you are best prepared for tax season by completing year-end tax planning and offering advice in order to lower your taxes.
If you as a business owner find yourself in a situation with a healthy profit, you should think about issuing bonuses for yourself and others. Your accountant should be happy to help you determine your bonus amounts. Another strategy, (if you have had a good fiscal year) is to expense as much as possible in the form of tax write offs.
Now is the time:
Think about exit strategies
December is a great time to purchase large items such as equipment and vehicles as assets for your business. You may also consider delaying or deferring any additional billing until next year in order to reduce your tax liabilities.
If your company has sustained a loss this year, you may want to consider evaluating other income sources such as investments in real estate, rental income to off- set against any business losses. You can also start thinking about possible exit strategies such as selling the business or liquidating the assets.
If you are looking for tax and accounting help in 2015, contact Beach Cities Tax & Books here.