Iota Financial Logo

Why be proactive about year-end tax planning?

You can’t control the future, but what if you could manage it? Year-end tax planning manages your financial outlook by helping you get a jump on minimizing liabilities and maximizing advantages.

Taxpayers who wait until the last minute miss tax-break opportunities or delay essential actions that could have saved them money. Year-end tax planning allows you to be proactive, make timely decisions and keep more of the money you earn.

Timing Matters

The best time to schedule a meeting for year-end tax planning is between mid-October and mid-December. This puts everything in order so you can approach the coming year confident that there will be no surprises at tax time.

Tax planning with a knowledgeable consultant helps you find answers to questions like: Where do I stand? Will I owe? How much will it be? Is there anything I can do now to manage that? Knowing the answers positions you to seize your advantages and move forward confidently and with peace of mind.

Get The Big Picture

Your Profit & Loss statement is a snapshot of how your business is doing. How does yours look? Your CPA should review your year to date P&L at your tax-planning meeting and show you the big picture. They can make tax saving recommendations based on current tax laws and suggest changes now that could improve your tax position for the year, such as being strategic about year-end expenditures.

Anticipating Possibilities

A tax planning meeting allows you to review how you’ve done year over year. You’ll have a good view of what went right and what you could do better next year to achieve your goals. A good business and tax advisor will recommend practical changes and how to put them into place.

Strategic tax planning clarifies your direction by forecasting your possibilities in light of tax implications. Future growth means paying attention to the health of your business and being willing to address changes that need to be made. Just as you would set a doctor’s appointment, scheduling an annual tax planning meeting on your fourth quarter 2022 calendar has indispensable benefits.

Avoid Last-Minute Headaches

January can bring stress with it if you don’t have all of your contractors’ data organized. 1099s must be filed and sent out by January 31st, so make sure you have all your contractors’ information organized for 1099s now to avoid the last minute rush in January.

Here’s what you need for each contractor that you paid $600 or more to during 2022:

  • Contractor’s name
  • Address
  • W-9

Your Year End Tax Planning Consultation: What To Expect

If it’s your first time sitting down with your CPA for a proactive, end-of-year tax planning meeting, you can expect to review things like:

  • Last year's tax return
  • Current pay summaries and account statements
  • Review of Profit & Loss statements
  • Year over year progress
  • Year end tax projection
  • Business goals and challenges for 2023

Our clients who schedule fourth quarter year tax planning meetings enjoy tax saving opportunities that make a huge difference in their bottom line.

We’ll help you create a strategy to keep more of your hard-earned money and get off to a fast start toward your 2023 business goals. Schedule a complimentary consultation today by calling (404) 668-4713, and walk away feeling confident for 2023!

800 Mount Vernon Hwy NE
Suite 350 
Sandy Springs, GA 30328
Iota Financial Logo
© Iota Financial • All Rights Reserved