The end of the year is always a busy time for business owners. I tell my clients that tax planning is one of the most important activities to schedule in the last quarter of the year. I know, there are so many competing interests, but there are important business duties that can ensure a successful year when the calendar flips over. Solid year-end tax planning helps you know where you stand in 2019 and how to prepare for 2020.

I help many small businesses with tax planning and filing. Many new entrepreneurs have to decide between an LLC (limited liability company) and a sole proprietorship. The truth is that, although the selection of a business entity is an essential decision, there isn’t one single answer to the question of LLC vs. sole proprietor. The implications for liability and tax status are two of the issues to consider.

I meet with a variety of small business owners and am always impressed by the passion these entrepreneurs have for their businesses. As the tax and finance guy, I know how crucial cash flow is to the success of every enterprise. I also know that cash flow issues are among the leading causes of business failure in the United States. A solid financial management strategy is needed.