Savvy business owners and individuals understand that there is more to income tax than the yearly filing with various taxing authorities. Hand in hand with tax preparation, it is prudent to review the clients’ current year tax situation in order to ensure compliance with estimated tax requirements as well as to avoid underpayment penalties.
Businesses often operate in multiple states and while the income tax liability is often not significant it can add complexity when preparing the business tax return. It is important to determine what income is taxable to a state and what deductions can be allocated against that income.
Are you ready to start saving for Retirement? Perhaps you are looking to supplement your current savings that you have through employer sponsored plans. Your advisor can help you choose the right plan for you and determine how much to contribute.
As a business owner, one of the most important things you can do is establish a retirement plan for you and your employees. Having a retirement plan increases employee retention and satisfaction. They are also beneficial to the employer by allowing you to max-out your retirement savings.