When Should Tax Planning be Done for Optimal Savings

There are lots of ways to optimize your savings and taxes, but it never hurts to have a plan in place.

But what’s the guideline?

When should your organization start planning to position yourself as well as possible for the end of the year?

First, you need to understand that there are two different parts of tax prep:

✅ Tax preparation - the act of actually preparing, submitting, and filing your tax returns

✅ Tax planning - the act of actively seeking to lower your taxes

While preparing tax returns starts at the end of the year, tax planning begins much further beforehand.

And, of course, there’s no baseline rule for tax planning.

Tax law changes all the time, and there are many ways to reduce taxes depending on your company’s business structure and circumstances.

For best results, work with your tax professional to start tax planning months before the year ends. The longer you give yourself, the more likely it is that you’ll be able to reduce or eliminate taxes dollar-for-dollar.

Ultimately, it’s not what you make - it’s what you keep.

Don’t lose your hard-won earnings due to lack of planning.

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► Special thanks to our guest expert Ryan Foley, from Cunningham & Associates: https://www.jec-llc.com/

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