Business tax planning is accomplished generally on a periodic basis, depending on the level or frequency of the service provided. This is crucial – without proper tax and business planning, the success factor for small businesses is greatly impaired, especially during the first few start-up years for a new business.
As mentioned in the Business Management section of this site, monthly business management services would provide an ongoing tax-planning platform from which to achieve your tax goals based on observed trends or situations. Guidance would be provided regarding recent tax law implications, and decisions concerning year-end tax strategies would be made during or toward the end of the year, when appropriate.
Often times, one change in the tax law can make a substantial difference in a small business’s income tax picture for that year. That’s why this process must be made an important part of any successful business.