Business owners stay focused all year growing their business and there’s no other time like year-end when they are zeroed in on closing strong. Naturally that entails many things, none more important than business and tax planning that focuses on reducing tax burdens long-term and avoiding nasty surprises.
The traditional year-end approach of deferring income and accelerating deductions to minimize taxes continues to produce the best results for most small businesses, as will the bunching of deductible expenses into this year or next to maximize their tax value. And although there has been no new major tax legislation this year, still there are major issues needing attention or planning consideration going into year-end.
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