Page 34 - BusinessWest June 27, 2022

Accounting & Tax Planning
Mid-year Tax Planning
Strategic Decisions Now Can Benefit You in the Long Run
It’s late June — time for, among things, thinking about your taxes. Actually, it’s time to do more than think about them. What’s needed is a hard look at matters ranging from business classification to expiring provisions to charitable donations, and then formulating strategies that will benefit you and your business for the long term.
BAy Kristina Drzal Houghton, CPA
ccountants spend a lot of time talking to clients during tax season about the importance of tax planning. Now is that crucial time. As we approach the halfway point of 2022, tax planning discussions should be underway for many busi- nesses and individual taxpayers
Starting early is important but plans should consider that tax rules might change at the end of the year and businesses and individuals simply can’t afford to not prepare for those changes. Additionally, some COVID-19 relief programs are set to expire this year, therefore businesses should be ready to document appropriately and/or take advantage of potential savings. With so much probable change, it’s important to carefully consider your options and make strategic decisions that could benefit you in the long run.
As a small business owner, tax planning should be a key part of your over- all financial strategy. By taking advantage of tax breaks and deductions, you
34 JUNE 27, 2022 ACCOUNTING & TAX PLANNING BusinessWest