The Business Net - Business Coaching - Accounting

Tax Planning Workbook - 2021 and Beyond

This workbook is a hands on process. Our intent is to show you the process of producing a tax plan for your business.

Tax Planning is to make you aware of:

Some of the many tactics allowed by tax law.
Ways you can maneuver business activities to bring taxes down both business and personal.
The process of developing a tax plan.

Getting started:

You will need your business’ financial statements year to date. These statements then need to be projected to the end of this calendar year.

The IRS Wants More of Your Money!

The Ground Rules in Playing the Tax Game with IRS Have Been Changed

If you have a business with deductible expenses and you want to keep these deductions, you must have solid documentation of all business expenses.

Here is what is happened already:

Over the past several years the IRS has addedmany new forms to track your financial activities.
Many of these new forms, prepared by banks, brokerages, title companies, and other financial institutions, are filed electronically.
IRS computers cross-match the information from these forms to various income tax returns. A process made more efficient by electronically filed tax returns.
Computer capabilities have dramatically increased enabling the computers to process more return information to determine audit potential.

Understanding Risk Management

Risk management covers a wide range of business functions including; business legal entity selection and maintenance, insurable areas, safety management, financial accuracy and theft protection, employee actions, and more

Insurable risks of loss

The fact that your business is a limited liability entity helps manage risk to other assets but does not relieve you from certain legal insurance requirements. The following insurances represent the basic types of insurance required.

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