Tax season is over! Or, if you’re like most entrepreneurs, the deadline has been pushed off a bit with your extensions so you’ll deal with all of that 9-15 and 10-15.
Now is the time to think about tax planning for 2011. There are a lot of tax changes coming your way and likely your business is experiencing some unusual ups and downs. As the US moves toward a semblance of economic recovery, expect uncertainty and unusual business results
Here are some tips to get your tax planning for 2011 off to the right start:
- Get your 2011 bookkeeping caught up as soon as possible with projections for the year. Is your income going up, down or staying the same?
- Check for state nexus issues. Are there are other states you now need to plan for?
- What new projects or investments are coming up that may change your current strategy?
- Review your income projections, state nexus changes and tax law changes with your CPA at a minimum three times: Now, September (creating your year-end planning) and December.
Give us a call at 866.829.2368, ext 1 or ext 2 if we can help!
We talk a lot about tax law changes at this blog (USTaxAid.com), nexus changes at www.NexusNegotiator.com, smart business and stupid business strategies at www.SmartBusinessStupidBusinessOnline.com, ways to work with your LLC at www.LegalShelfCompany, and other business and tax planning at a half dozen more sites. If you want to keep up on all my sites, please check out www.DianeKennedyCPA.com.