Another year has come and gone and whats really changed? Are you sitting in roughly the same place you were last year at this time with respect to your taxeswondering what you could have done differently in your business to positively affect your year- end tax bill?
All too often, when individuals and closely-held business owners begin discussing tax planning, what they really end up referring to is the process of tax compliance. Tax compliance is the process of reporting your income to the Internal Revenue Service and, hopefully, accurately ensuring that your tax preparer takes advantage of all the deductions and credits you are entitled to. Often by this time, however, its really too late to do any real tax planning. Having stated that, the accurate and timely preparation of your tax returns are obviously a crucial step in realizing the effect of this years tax planning (or lack thereof ), and there are still things you can do, even at this late stage, to help reduce your current and future income tax bite.
Avoiding Common Pitfalls Because the effects of good tax planning can obviously be forgone without proper reporting and compliance, it is extremely...
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