What? Tax time already? Yup! This is the pre-tax season which is almost more important for busines owners than tax season (I did say almost!). Tax Season is the Accountants as Christmas is to Santa. Accountants have the time to spend with their clients NOW, not January - April.
So, do you have your appointment? Do you have your "list"? What list, you ask? Here's some suggestions to help make your "Questions for my Accountant" list.
1) What are my projected taxes for this year? For the next 2 years?
2) What strategies are other companies taking to reduce their tax liability and/or expenses? (ie: Health Care, Insurance, HSA, Asset Purchase) Are there any industry specific strategies (ie: manufacturing, retail, etc.)?
3) I'm overstocked due to slow sales. Can I deduct excess inventory?
4) I purchased computers and other equipment this year. If I am projected to report a loss, do I have to deduct the depreciation this year?
5) Should I put my children on the payroll? Do I have to pay taxes on them?
6) Do I have to pay myself on a payroll? How much should I pay myself?
7) I loaned my company money this year. How do I record the loan and repayment?
8) A vendor has offered a discount for early payment. Is this always adventageous?
9) My payment terms are net 30. Some customers are taking over 60 days to pay. Can I charge late fees or interest?
10) What are your fees for tax preparation this year?
Make your list. Check it twice.
If your company has questions, we have answers.
Corporate Options, Inc.
http://www.corporateoptionsinc.com/
(847)344-2262
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