Tax Preparation versus Planning

Entrepreneurs must be working with their tax accountants to prepare the returns for the previous year. If the Accounting records are in good shape, this should be a relatively easy exercise. Effort in preparing and filing tax returns should not be of prime focus for Entrepreneurs.

Instead, Entrepreneurs should be spending more time and effort in planning for taxes.

The current government administration is keen on reducing the huge deficits that they want to create by planning to hike taxes on rich Americans. Successful Entrepreneurs are definitely in that category.

Entrepreneurs should spend time with their tax accountants planning a strategy for minimizing tax obligations. While successful Entrepreneurs can not avoid taxes, planning for the year might result in an optimal tax situation.

It is wise to pay heed to taxes considering that successful Entrepreneurs are potential targets.

Ravi Patel

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