Year end tax planning – 3 big-picture questions for business owners

Description

Abstract: Business owners need to consider many specifics every year end when it’s time to plan for their tax filings. But, every so often, it’s a good idea to take a step back and ask some big-picture questions. This article offers three to consider: whether to choose a calendar or fiscal year filing; a cash- or accrual-basis accounting method; and acceleration or deceleration of income. A sidebar looks at whether now might be a good time to buy business assets, in light of the extended higher Section 179 expensing limit and 50% bonus depreciation.