The final annual quarter can be one of the most pivotal for both individuals and small business owners with tax season right around the corner. Taking a few steps to prepare for the upcoming filing can be pivotal when it comes to your return(s). By ensuring that you are fully prepared, the stress typically associated with taxes may be avoided. For small business owners, these steps can truly be beneficial as proactive planning pays off in more ways than one.

Year end tax planning moves for small business owners focuses on general options and many of the basic concepts both individuals and businesses should be watching. These steps not only help to reduce the potential tax burden but can also assist in retirement and other potential deductions which may really help boost any tax incentives highlighted by a consumer’s return. With proactive planning, the sky's the limit and tax time can be a far less stressful experience. 

Organization

Being prepared is half the battle when it comes time to file your taxes. By ensuring that all of the required paperwork has been received, taxpayers can enter the process with confidence about all of their reporting.

Bookkeeping

For both individuals and small business owners, the bookkeeping process is going to be critical to their return. Provided you have up to date information, the entire tax filing should be less of a hassle. 

Income Reduction

One of the most influential methods both small businesses and individuals can employ is the ability to reduce any taxable income. By utilizing different contribution aspects and other incentives around retirement age, the ability to manipulate the amount of taxes owed may be legally possible.

Deduction Benefits

Maximizing taxable deductions is another method by which taxpayers can help to reduce their amount owed. Doing so not only reduces the amount of income on which you pay taxes but also could benefit in other areas. Charitable donations, medical expenses, and certain types of other regulated taxes may all count towards reducing your accounted for income in terms of tax filing.

Tax Credits

Another option for lowering one’s tax burden and also helping to prepare for filing season is to account for all potential tax credits that may be applied. In addition to electing a potential credit, taxpayers should also be ready to provide proof of the potential listing. Not only will these applications reduce any amount owed but they could also provide money back to the filing party.

If you’re ready to start proactively planning for the next filing season during this year’s final quarter, then let the professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for all of your filing questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing quality tax and payroll services, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!