Anil Grandhi, CEO of AG FinTax, brings the tax reduction strategies used by Fortune 100 companies to small businesses across the US.
When you review your business’s finances, do you take time to consider how an effective tax strategy can help you succeed? If you are a small-business owner, taxes are a large part of your yearly financial planning. How much money did you earn that year? How much do you owe in taxes? What expenses are deductible? Proactivity is not an option — it’s a necessity.
Successful leaders plan and create strategies that help their businesses handle taxes in the most effective way possible. Here is how implementing tax planning into your business can save you money in the long run and tips for getting started.
What Is Tax Planning, And How Can It Help Your Business?
Simply put, tax planning is a long-term, strategic approach to minimizing your tax liability.
This differs from tax preparation, which is defined as any action that has to do with preparing your finances and records for tax season. Annual filing is a yearly event where you detail your individual or company earnings and deductions for the previous year and submit a statement to the government. That statement is evaluated by the government, and you or your company then owes or is owed taxes.
Read More at : https://www.forbes.com/sites/forbesfinancecouncil/2021/08/19/tax-planning-an-essential-tool-for-business-owners/?sh=5b7000f03b85