Advanced tax planning includes looking at your tax options to determine whether and how to move forward with potential business transactions in a way that reduces or even eliminates your taxes. This is crucial for business owners, as it can help you save on your taxes and reinvest that money into growing your company. Wilson, Rea, Beckel & Associates CPAs of Pagosa Springs, CO, has great advice about how tax planning in advance will work in your favor.

Here are some strategies to get ahead of the curve in tax planning:

• Meet With Your CPA or Accounting Expert on a Quarterly Basis: Many business owners don’t like to think about taxes until they have to meet with their accountant. Meet with your CPA quarterly to review whether you are taking advantage of every tax credit and deduction available. However, your own bookkeeping should include a monthly review of revenue and expenses to make sure you stay on track.

• Estimate Your Business Income for the Next Few Years: Once you determine your future income, begin working with your financial services expert to estimate your tax bracket. Knowing your tax bracket is vital because different rules apply to each income level. If you choose the wrong tax strategy and your income level increases, your taxes might actually increase.

• Save on Business Income Taxes: You can save on taxes by keeping track of all business-related expenses. This includes ensuring your financial service professional knows how new rules will impact your ability to expense entertainment, automobile, and office-related expenses. They should be able to give you practical advice on expense tracking, such as mileage, for company-related business.

Following these tax planning strategies will help you breeze through tax time much easier. For help wth all your financial service needs, call Wilson, Rea, Beckel & Associates CPAs in Pagosa Springs at (970) 731-1040. You can also visit their website for more information about their advanced tax planning services to make the most of your profits this year, and connect with the team on their Facebook page.