Issue 26 – ‘Tis the Season for Tax Planning and Budgets
One of the most rewarding and beneficial ways to strengthen your company on the inside and out is to participate in charitable activities. It’s a great way to get employees to bond as a team in a non-office environment while boosting the company’s image and values.
An annual budget serves as a business’ roadmap through the year and manages financial expectations and goals throughout the company. It not only keeps expenses under control, but helps project income, profits and returns on investments.
Your company has grown from a one-person shop to an office with employees and a number of clients. You have a good sense of the accounting numbers and you know where you’d like your business to be in five years.
As the year comes to a close, it’s also the time for companies to wrap up annual tax plans. While it’s typical to start planning taxes in the last quarter, the planning actually goes on year-round when your company estimates its taxes and makes quarterly payments.