Does April 15th make you nervous? How much you pay to the IRS shouldn’t be a surprise come tax filing time. With the right planning and monitoring, you can not only get a handle on how much your tax bill will be, but you can get control of it.
Taking control of your taxes starts in January. By tracking your P&L on a monthly basis, you can project your tax liability and implement strategies to reduce it. Simple things like setting up a profit sharing plan, compiling a list of capital expenditures should you need a Section 179 deduction and implementing a deferred compensation plan early in the year can pay huge dividends come tax time.