Successful Tax Planning Steps 2020
Recently, we shared about how business owners may potentially land into HUGE tax bills if payroll expenses funded through PPP are disallowed (https://youtu.be/_Q7wBk1pPls). Bottom line, as a Firm who believes in proactive tax planning, we are to stress the fact that tax planning has never been more important than in this present time.
Why is Tax Planning Important? Tax planning is important because it will help you lower your taxes and manage your tax bills. In this video below, we have shared with you a systematic approach to effective tax planning which includes the following:
Step 1: Understand Your Numbers
Step 2: Understand Your Financial Performance and Position
Step 3: Understand Your Tax Position
Step 4: Plan Ahead
As a business owner, you work really hard to take care of your employees and your customers. It is our goal to help you maximize tax deductions which in turn would strengthen your cashflow position, whether it be for yourself or for your business. We will be sharing more important tax tips with you in our YouTube channel.
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If you have questions or need some help, contact us today!
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