With tax season in the rear view mirror, individuals and businesses can now stop focusing on their 2015 tax returns and start moving ahead in 2016. As the summer months approach, it is a great time to take a step back and analyze how things are going so far in 2016.
One of the most important areas of your business to analyze moving forward is the effect of changes in income or operations on your tax liability. Are you planning on expanding this year? Have you hired more employees? Are sales over or under your forecasts for this year? The answers to each of these questions will have a different impact on your 2016 tax returns and it is important that you be prepared for any changes.
If you have experienced any changes in 2016 that would affect your tax situation, do not hesitate to get in contact with us. We are here year-round to assist you with the preparation of and planning for your individual or business tax returns. Doing some mid-year projections can help to minimize your tax liabilities for the current year, as well as avoid any surprises at the end of the year.
Contact our office to speak with one of our tax professionals to schedule a time to complete a mid-year tax projection.