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Schedule a Year-End Tax Planning Session
– March 23, 2011
It is crucial to meet with your CPA firm during the year to take advantage of tax planning opportunities. Most accounting firms, (including ours) cannot do much after the fiscal year ends, but much can be accomplished before the year end.
Depending upon your situation, you might want to shift income or expenses from one year to another. For example, businesses can pay employee bonuses early; stockpile supplies for the coming year; donate slow moving merchandise to charity before year end; or claim a tax loss by disposing of unused assets early.
Call your CPA to schedule a pre-year end meeting so that you can eliminate possible surprises, and take advantage of opportunities.
This is Profit Enhancement Idea #47 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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