Get ready for tax season – A year end checklist

Description

Abstract: The end of the year is fast approaching, but there’s still time for business owners to plan to minimize tax liability. This article provides a checklist to help owners review their 2014 transactions and activities and take beneficial action before Dec. 31. It addresses items such as the impact of gains and losses, the Section 179 expensing election, and owner distributions. A sidebar discusses whether it’s advisable to switch from a calendar year to a fiscal year tax filing basis.