TAX TIME


opportunity for annual financial growth. C. Between Quarters 2 and 3, is when all your due diligence should take place, including a detailed financial plan of what- ever you’re planning to invest in for expanding your business.


effect on your business. D. Quarter 4 planning is more just ironing out your profit and loss statement with your CPA and determining additional de- ductions you may have as well as your depreciation schedule.


Tax planning should not be done once a year. It is strongly recommended to have quarterly (based on a calendar year) tax reviews with your CPA:


You should review this plan with your CPA in Quarter 3 which will do two things: i. Make your CPA aware of any additional expenses you plan to incur for the current tax year so the CPA can modify your tax liability projection; and ii. Have another set of eyes to review your plan and its potential


Paying your taxes strategically is an important part of your busi- ness, but it is important that you understand that this does not simply mean paying less. Having a good CPA, understanding your business structure, staying informed and a lot of planning will work together to grow your business beyond what you think is possible. ■


NOTES


42 Mobile Electronics Survival Guide 2012


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