It’s Time to Start Planning Your Year-End Tax Position

You only have 3 weeks to the end of the year so now is the time to talk to your tax specialist or CPA to plan for your year-end tax position.  Whether you need to purchase some equipment or inventory or trade investments, now is the time to make that decision so it is all completed by December 31st.  The decisions you make can affect your tax burden by thousands of dollars and even have an effect on your 2011 operation, so this is an important event.

 The main thing you need to do in order to be prepared is get your Quick Books or whatever accounting system you use, up to date.  That means all of your invoices prepared, all payments recorded and your accounts payable up to date because your tax specialist can not determine your strategy without your records being complete.

We still don’t know what the government is going to do about taxes for next year, so make sure you take care of this year properly and then you can deal with next year’s taxes when they come.  In our present economic situation, you, as a business owner or manager, must add managing your tax situation to all of the other responsibilities you have.  You are not being a good manager of the resources you have if you over-pay your taxes.

Call me (402) 502-2255 or email me (dale@cfoomaha.com)  if you have a question.

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