Alaska Small Business Development Center

Are You Forgetting Something? End of Year Tips and To Dos

November 16, 2015

Byimages the end of November many seasonal, non retail, Alaska businesses slow down and the business owners have time to work on their businesses.  This late November or early December window of opportunity is the perfect time to do some tax planning for the current year before year ends.  With 10 or 11 months of actual financial information small businesses can meet with there Alaska Small Business Development Center Business Adviser, review the financial performance of the business and estimate where they are going to be by December 31.  Then the business owner can meet with their CPA before the tax rush of the new year, and take the guess work out of how much will you and/or your business owe in taxes based on your estimated net profit for the year.

Most importantly, the business owner and CPA can use this year end estimate of net profit to do some tax planning and determine if it is beneficial for the business to purchase equipment or make other expenditures and acquisition decisions before the end of the current tax year.

 

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