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Essential tax planning for cash basis companies

Recently we met with two established, successful companies in Metrowest Boston. During our discussions with each company’s owner it became obvious that they were not receiving proper tax planning advice from their current CPA firms. When we reviewed their prior year tax returns, we realized they were not pre-paying expenses despite being cash basis, not taking advantage of the potential deduction available through their retirement plans, and were leaving an excess of cash in the business triggering unnecessary state excise taxes.  Simple tax planning could help both of these companies save thousands of dollars in taxes.

If you are a business owner, it is vital for you to be in touch with your CPA during the last few months of the year to ensure you are doing everything possible to minimize your tax liability.



We helped this client, and we can help you too.
Call us at 508-650-1122
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