By Jessica Tremayne-Farkas Contributing Editor
Experts recommend looking at taxes as two components: planning and preparation. Tax planning should be done year-round to reap the best possible outcomes and to make tax preparation less stressful.
Veterinarians consumed with patient, staff and daily business responsibilities often put tax planning on the back burner and then miss out on opportunities to find ways to reduce their tax liabilities. Experts say that even if an equipment write-off or other significant deduction is unlikely, advance knowledge of what you will owe in taxes makes for less stress in April.
“Failing to plan or planning at the wrong interval of time is fairly common,” says Mark McGaunn, CPA, PFS, CFP, a managing member at McGaunn & Schwadron CPAs LLC in Needham Heights, Mass. “For practices with static receipts and disbursements, and level inventory and accounts receivable, we recommend that the shareholders or LLC members entertain proactive tax planning in late November or early December at a minimum.
to continue reading, please click here: Avoid Crunch Time by Preparing Now for Taxes