On Thursday accounting firm and IEE sponsor Wilke & Associates, LLP hosted IEE members and staff for a lunch & learn program focusing on strategic tax planning. David Wilke presented tips and strategies for lowering a business’s taxes. Here are a few key takeaways:
- Good strategic tax planning is an ongoing process and should include short, medium, and long term goals. Tax planning can increase wealth and assets so it is important to schedule yearly reviews with your business advisors, stay organized, and keep accurate and timely records.
- Legal tax strategies to help lower a business’s taxes include: tax deductions, tax credits, entity selection, deferring profits and losses across tax periods, reducing capital gains, and depreciation.
- Individual retirement accounts, real estate investments, stock considerations, and estate planning when done with the help of a professional advisor can all lead to lower taxes.
To ensure a smooth tax planning process, make sure to stay organized throughout the year and keep accurate and timely records. Remember to not only document your plan, but to update and review it regularly.