1. Update your accounting: it is vital that you must have a well understanding of your company’s financial situation as part of your year-end tax strategy. Make some time to guarantee your books are up-to-date and correct. It won’t take so much if you plan time with your accountant for year-end advice, particular to your operations. More
Business owner’s situation and accounting method are different therefore these year-end tax tips will apply differently to each. The cash method of accounting permits for deductions and income reported for the year they are compensated or received. The accrual accounting method concerns income and deductions in the year incurred. Make time to review the best approach with a professional advisor and take advantage of the year-end tax planning for your small business.