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There are countless tax planning strategies available to a small business owner, but the best strategy (as noted by The Wall Street Journal) is to plan ahead. So, while there is still time in FY 2021, attend this timely workshop on year-end tax planning strategies. Some tactics are aimed at the owner’s individual tax situation, and some at the business itself. But regardless of how simple or how complex a tax strategy is, it will be based on structuring the strategy to accomplish one or more of these often-overlapping goals:
- Reducing the amount of taxable income;
- Lowering your tax rate;
- Controlling the time when the tax must be paid;
- Claiming any available tax credits;
- Controlling the effects of the Alternative Minimum Tax;
- Avoiding the most common tax planning mistakes.
This workshop will explain tax planning by considering the economy, the current financial condition of your business, and your projections for the future. It will cover the relationship between business finances and personal finances because for small business owners there is generally some type of pass-through entity or sole proprietorship, so both sides are important. More than 10 topics will be covered inclugin filing status, dependents, retirement plans, special expensing IRC SEC 179, deferral of deductions, cars and phones, home office, acceleration of income, children as employees, sales of stock, deferral of mutual fund purchases, and choice of business entity.
Presenter Cathie Tardy is the founding partner and president of Tardy & Co., P.C. Over her three-decade career, Cathie has had the opportunity to work with a variety of industries while focusing her efforts on providing tax planning, consulting and valuation services to small businesses and the individuals who own and operate them.
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