Accounting News and Notes

Atlanta CPA Advises on 2009 Year End Tax Planning Ideas for You and Your Business: Keep  Your Tax Bill as Low  as Legally Possible

As 2009 winds down,  it’s time to prudent to learn what can be done to minimize the amount of taxes paid to the IRS/GA  by your business. Although tax planning should be a year-round process, there are several year-end strategies you can take, particularly if you are an S Corporation.

Key Year-end Tax Planning Tips:

• Keep your inventory as low as possible on December 31st. Since you are taxed based on the value of your goods in stock, it makes sense to minimize your inventory.
• Accrual-based taxpayers may want to consider delaying end of December billing until early January. Since income is recognized when it is billed, you can delay the tax effects from 2009 until 2010.
• Discover and record all tax-deductible expenses and accounts payable before the end of 2009, rather than waiting until next year. This includes your personal expense report for December. Cash-based taxpayers must pay these expenses, while accrual-based taxpayers need only to receive and enter the bills.
• Setting  up a qualified retirement plan. A defined-benefit plan can be a good way to reduce taxes while preparing for your retirement. Retirement plan deductions are frequently the most ignored opportunity for business owners to substantially lower their tax bill.
• Turn in an expense report and obtain reimbursement by years-end for any  and all business expenses you might have incurred personally such as business mileage on your personal vehicle.

Additional Year End Planning Ides

If you have kept track of your business mileage, the rate for 2009 is 55 cents per mile. Please keep in mind IRS rules state that you must have kept a log of the miles you have driven to take this deduction.

Contact HIS CPA PC (A Christian CPA Firm) today.

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html  

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!    

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

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Related posts:

1. Duluth CPA Firm Advises on 2009 Year End Tax Planning
2. Duluth CPA Firm Advises Business Owners How to Lower Their 2009 Tax Bill
3. Duluth CPA Illustrates Directory of Tax Issues Facing Atlanta Taxpayers When Preparing for Their Year-End 2009 Taxes
4. 2009 Simple IRA Plans…Planning for a Better Retirement
5. Atlanta CPA Presents in 2009 Over 238,000 Tax & Business Guests Arrived at www.HisCPA.com to get Tax & Financial News to Help You Make and Keep Money

This entry was posted on Friday, August 28th, 2009 at 7:50 am and is filed under 2009 Filing Deadlines, Financial News...How to Protect and Make Money, Tax Tips to Lower Your Personal Tax Bill.
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