As business owners, it is important to know what your tax liability would be before the filing deadline comes around as a bookkeeping company. I always recommend that my clients meet with their CPA’s to do tax planning before the end of the year. This will allow you to determine where your estimated tax amounts will be, and if there is anything that you can do now to help your tax situation.
For instance, should you put off purchasing until next year or should you do that this year? Which will benefit you more with the election this year? There are potentially some changes that will happen in 2021 for taxes. You want to plan for those contingencies as well.
So, if you haven’t already scheduled a meeting with your CPA, I highly recommend you do so before the end of the year. That will give you time to discuss any needed changes, any purchases, or anything to postpone into the next year so you have no tax surprises.
If you have any bookkeeping needs, be sure to reach out to us at (310) 534-5577. Our email is [email protected]. That’s [email protected]. We’re here to help you.
