It’s tax time! That means it’s time to gather all those documents, finish up your business financials, and go to work with your friendly CPA to get your 2019 tax returns filed, right?
Yes, that’s all true. But it’s not the only tax thing it’s time for.
Right now is absolutely the best time to do your 2020 tax planning. Why? Because…
You know what your 2019 results were, so you have a good baseline to think about 2020.
You’re already done your budgeting, goal setting, and planning for 2020...right? (If you haven’t done this, we can help as well.)
Many of our best tax planning techniques work best when we do them in advance.
We can do a lot of things at the end of the year to capture what happened throughout the year and save taxes on it. But to really save the most money on taxes, you have to set things up at the start and execute on some steps throughout the year. This will get you access to tools and strategies that can save you thousands of dollars a year.
It’s the difference between driving somewhere from memory and then trying to find your way once you get lost, versus using a map and having a route in the first place.
If you don’t have a map, come and talk to us and see about getting one.