Tax Planning for Your Business

At Perfect Balance, not only do you get a professional accounting team, but you can also choose to have one of our comprehensive services, Tax Planning. Tax planning is an analysis of your company’s financial situation that will ensure that all elements work cohesively to allow for you to pay the lowest taxes possible.

Our Tax Planning will require a look at your P&L (profit & loss statement), as well as a balance sheet for all assets and liabilities. We will also look at each individual’s total tax bill. Tax planning can also include determining what you may owe each month or quarter. Many individuals are unaware that, depending on your situation, the IRS may require certain taxes or forms at various times throughout the year. For a breakdown of these due dates, please see our Tax Due Dates page.

Our tax planning services can also look at your company’s books to evaluate what you have financially accomplished. By doing this review of your profits & losses, and the tax implications of your current business situation, we can then work with you on recommendations for your year end.

A few ways to plan for tax day and to take advantage of any tax breaks that may benefit your company are to:

• Invest in business equipment or supplies.
• Prepay for services or products you know your company will use in the upcoming year.
• Write off any bad debts that have gone unpaid.
• Accelerate or defer income and earnings based on your company’s profit projections.
• Use retirement contributions or bonuses to reduce your company’s tax obligations.
• Be sure to pay close attention to any changes in small business tax laws.

Remember that companies, of any size, should plan ahead for taxes. By being proactive, you can avoid costly mistakes and take notice of new laws, as well as take advantage of any business deductions that may apply to you. For any questions, or to begin your tax planning, please contact our team at Perfect Balance Accounting!