Year-End Tax Planning for 2014

The end of 2014 is quickly approaching, so it’s important that everything is in order to ensure there are no surprises when the time comes to file taxes. Year-end tax planning for small businesses isn’t something to put off or ignore. It’s important to look at your books and think about how your company is likely to fare for the rest of 2014 and into early 2015. Moreover, by looking at your business over a longer period of time, you can make better decisions not just about money, but about running your business.

As a small business owner, you must be aware of the benefits of tax planning, which include:

• Having an estimate of what you will owe the IRS for the year to avoid any unexpected issues
• Knowing if you are overpaying or underpaying the 2014 estimated tax payments
• Being prepared now so you can plan for expenses if economic changes impacted your tax liability this year
• Making sure your business takes advantage of every possible tax break available; planning ahead offers tax saving benefits

For additional guidelines on year-end planning for your business, please download GTM’s Year End Checklist.