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Businesses of all sizes need to make sure they have the right tax planning strategy in place. This will make financial navigation into the new year a little easier. So, get on the right path now. It’s the best time to start gathering the information and resources needed to make filing a breeze. Read below for tips to elevate your financial future and ensure you’re ready for the upcoming tax season.
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This year has had its fair share of financial uncertainty with the impact of the pandemic on the economy. With that being said, taxes filed from 2020 are going to be unique when it comes to tax preparation. Between the fiscal stimulus package, tax relief, PPP loans, and other grants, there are many new components to consider during the tax planning season. Start gathering all the documentation used to apply for these relief packages and put them in a folder for easy access.
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Being proactive with your finances can help you avoid tax problems and position your business well for 2021. The earlier your start, the less stressful it will be when the time comes to file your yearly tax return. Establishing a relationship with your accountant now can help the process be as smooth as possible when it comes time to file. If you’re unsure about your first meeting, you’ll still have plenty of time to schedule an appointment with another firm to get a second opinion.
Make sure to find out what tax deductions you qualify for. Then take advantage of opportunities that expire at the end of the year, such as the Work Opportunity Tax Credit. And depending on your business operations, the end of the year may be a great time to invest in new equipment or prepay expenses. To find out more about investment and prepayment options to ensure you maximize your tax return, you can check out Altabank’s Commercial Banking Services.
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