Have you missed socializing and having business meals with your prospects, customers, and employees? Also, the holidays are coming up - will a year-end holiday meal to gather employees and their families be tax deductible?
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.
Tax season is the time when CPAs and other tax professionals are fully engaged in preparing client returns. The professionals know that for small businesses taxes are always challenging and require constant attention. Consider how the changes to the tax law that apply to the 2108 returns increase the complexity of the process. Here is some advice from tax professionals for small-business owners to help them respond to the changes brought by tax reform and navigate the perennial tax burdens they always face.