Warning Signs:

• Income tax, payroll tax or sales tax penalties.
• Lack of tax planning.
• Paying too much in taxes.

Steps to Improve:

• Schedule a year-end tax planning session with your CPA.
• Plan the timing of your business decisions for tax benefit.
• Plan record keeping to preserve worthwhile tax deductions.
• Reconsider your form of business and the tax implications of it.
• Become a S-Corporation.
• Consider your policy writing off capital items.
• Plan to maximize deductions for business car use.
• Plan to maximize use of children where legitimate tax advantages exist.
• Plan to cover spouse's cost on business trips.
• Cash in on tax advantaged employee benefits.
• Plan to maximize use of home office deduction.
• Recapture estimated income tax overpayments.
• Recover past tax overpayments by carrying back this year's loss.
• Plan to maximize use available capital losses.
• Plan to maximize use of investment tax credits.
• Plan to use multiple corporations where tax and business advantages exist.
• Plan to maximize use of start-up costs.