Now that we’re getting closer to the end of the year, it’s time to start thinking of tax planning. Especially for small businesses, year-end tax planning can play a vital role in your overall year. Here are some items to add when meeting with your tax planner:
Discuss the current year. You need to know as a business owner if there was a profit this year, if so how much.
Assess the family’s role in the business. Are you planning on handing over the reins to a new family member this next year? Is your family involved in the running of the business?
Is the ownership structure changing? If you’re bringing in a new partner or a partner is leaving then considerations need to be made on the entity of the business.
Your accountant should be able to discuss your current tax situation with you before the end of the calendar year. If any changes need to be made then you will need time to implement them before December 31st.