Tax Planning in June?

For business owners who just completed their year-end compliance reporting and making their quarterly estimates; June isn't about ramping up for tax planning...... or should it be?

As a business owner, June represents loads of opportunities. I can start to analyze my Profit and Loss and compare my budget to actual numbers stemming from the P&L. I start to look for discrepancies that, being caught now, can help me stay true to my budget.

June also gives plenty of reasons to tax plan now as it gives businesses time to plan for the year.

• Transition planning: are you bringing in a new partner or shareholder? Or is one leaving?

• Is it time to sell the business or possible expand? What are the tax implications of selling assets?

• Am I in the right business entity? Is it still working the best for me? Looking 5 years into the future will it still be a good choice for me?

• Eliminating surprises at year end by having almost 6 months of income and expenses in and being able to project the year-end numbers to determine tax liability and what options do you have to manage taxes.

While June is a time to slow down and enjoy life, don't forget that it is also a great time to get into motion and know your numbers to be ready for strong second half of the year!