Taxes... April 15th is gone. For those of you who are not filing an extension, it is easy to put the files away and the very thought of the subject back on the backburner.
But the savvy entrepreneur and business owner is thinking about taxes year 'round. After all, early in the tax year you have far more flexibility to devise and implement tax savings strategies than April 14th. So say business advisors and tax planners.
Joyce Rosenburg writes in The Salt Lake Tribune that it is easy to miss out on some of the new deductions or beneficial changes in tax legislation if your planning strategy doesn't accommodate them. And in this economy many of us need all the help we can get.
Ms. Rosenburg cites recent federal tax law changes that help cash flow such as:
• Companies that incur net operating losses can carry them back five years instead of the usual two, applying those losses against taxes paid in the past and obtaining refunds.
• When making estimated tax payments, businesses are required to pay only 90 percent of their previous year's taxes, down from the usual 110 percent.
She suggests that small businesses not only use tax advisors, but that they should be business advisors as well. And don't wait until April to pay them a visit. You should touch base with your tax advisor at least every six months or more frequently than that.
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