McVay Business Services - Accounting & Tax Services Pensacola, FL
11/10/2017 Year End Tax Planning 2017It’s never too early to prepare for the next tax filing. As 2017 nears its end, make sure you have everything in order by the time you file your business tax returns by next March 15 or your personal tax returns by next April 15.
DO YOU KNOW YOUR ESTIMATED TAX LIABILITY?One of the most important things to consider is what your estimated tax liability will be. You don’t want to encounter any surprises when you file. By determining your estimated taxes now, you can either make sure you are paying enough before this year is complete, or you can start saving to preemptively cover what you might owe. First, you need to know what “tax liability” is. Ultimately, it is the amount of taxation incurred by an individual or business based on a taxable event (earned income, interest earnings, sales of assets, etc.) multiplied by current tax rates. The longer you wait to estimate your tax liability for the year, the fewer options you have. Otherwise, starting to prepare now will enable you and your tax preparer to review every detail and explore all the options available. Here are 3 simple steps you can take now to prepare for your 2017 tax return:
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Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL Best Price
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