Business Tax Planning Strategies For Rest Of 2015

Now that tax season has passed, it might be time to start looking as your business tax planning for the rest of the year. Every business situation is fluid and requires constant reevaluation and here are some tips on what to look for going forward:

• Look at how your business has been going and evaluate what changes need to be made based on new circumstances like an unexpected surge in profits.
• Buying needed new equipment for your business might allows extra deductions for the year using depreciation acceleration found in Section 179.
• If you are running a S Corporation, review your distributions to make sure you avoid taxes liabilities that may be avoided.
• Always meet with your tax planner to make sure that all your current choices meet the needs of your business.

See Matthew Koch, Midyear Tax Planning – Tax Strategies for Businesses, National Law Review, May 11, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.