Tax planning time of course. In between the holidays for many businesses comes tax planning or loss planning to produce potential tax refunds. There are so many angles to this, it is hard to quantify but doing it before year end is much better than not. If you never do it you likely pay too much or do not take advantage of the losses incurred to the fullest. S Corp losses are one example where we need basis to deduct these. If a related entity funds this, it does not count as your basis meaning the loss may not be deductible by you. Taking a distribution from the funding entity and making the contribution yourself can solve this but many times is not realized until it is too late. Funding pensions, taking 179 depreciation and accelerating deductions are all potential discussion points. Taxes can be an outside the box discussion if you have the right advisor so evaluate and take action before year end .
Let us educate you on tax planning ideas to help you and/ or your business understand all the angles. Visit us at www.gyldecauwer.com or Call us at: 909/948-9990.