Director Joel Jones, CPA, CIA, CVA, ABV, CFF, CGMA shared year-end tax planning tips with the Birmingham Business Journal as part of their Table of Experts series.
The key to tax planning according to Jones? Planning. It may sound simple, but taking the time to plan with your team of experts is the key to success.
“Planning is so important. I know it is an ongoing theme, but I really believe the best approach is to meet with tax and financial advisors no less than annually to create and work a plan that includes business strategy planning, tax planning, estate planning, and personal financial planning. Creating an ongoing line of communication will allow for routine communication of life and business events to advisors to allow for assistance with planning strategies related to those events. It also allows for discussions of any new investments in closely held entities which sometimes complicate the tax process. These ongoing discussions further aid in monitoring income tax withholdings on special payrolls and bonuses to ensure the withholding is adequate,” Jones said.
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