Year-end Tax Planning

Do you wait until February or early March to do your taxes? You might want to rethink that strategy.

Entrepreneurs should meet with their tax accountants now to plan for tax issues and solutions before the year ends. Proper planning might save you significant amount in taxes or at least postpone them into the future thereby conserving cash.

Entrepreneurs, take some time now and meet with you tax advisor.

Ravi Patel

www.patelCFOservices.com

 

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Planning for Potential Tax Hikes

Successful Entrepreneurs are going to be faced with potential tax increases if the current administration continues to propose and pass various programs that require huge government spending.

Other than groaning about those prospects, how are you planning to deal with that possibility?

It is time to meet with your tax planner and develop strategies to mitigate the impact of higher taxes. Planning now can save you taxes later. Do the Right Things!

Ravi Patel

www.patelCFOservices.com

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

www.patelCFOservices.com

Business Incorporation 101

Most Entrepreneurs when starting a business are often focused on the operational aspects of the business. While this is important, do not forget the legal and tax aspects of starting a business.

Is your business incorporated? Is it a C-corp, S-corp or LLC?

These simple questions have a tremendous bearing on the liability issues affecting your business and personal assets and associated tax ramifications.

It would be wise to plan these issues ahead of time. Changing the tax or legal structure is possible later, but may prove to be more expensive.

For more information,  please contact us at Patel CFO Services at www.patelCFOservices.com

Ravi Patel

www.patelCFOservices.com

The Anticipation Begins

Barack Obama is our new President in a historic victory. What he and Congress will enact in terms of fiscal policies is eagerly anticipated. Entrepreneurs are especially anxious since new tax and employment laws might directly impact their businesses. Advance planning may be in order.

Ravi Patel

Financial Impact of Elections

It is finally Election Day today. After a really long campaign, the American people will elect a new President – either Barack Obama or John McCain. Entrepreneurs will be watching closely as the new President and Congress will dictate the fiscal policies in the coming years. The financial impact of such policies could be significant to Entrepreneurs.

It might be time to seriously review your tax situation before the end of 2008. For example, taxes on dividends might increase next year making it prudent to consider declaring them this year.

We will be monitoring the potential impact of the new administration and Congress on Entrepreneurs. Please periodically review our website at www.patelCFOservices.com

Ravi Patel