The Twelve Days of Taxmas – General Tax Planning
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing important tax insights through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the eleventh day of Taxmas, my accountant gave to me some general tax planning tips.
Cash-based companies are advised to pay expenses before the end of the year to reduce overall taxable income. Also, if a business is a sole proprietorship or a partnership, in which the partners are husband and wife, they should consider employing children to do work for the company and shift some income to lower tax rates.
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©2020 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and should not be construed as accounting, tax, or financial advice. Please consult your tax advisor concerning your specific situation.