Hancock Consulting Accounting & Tax Tips
[ Article Index ]
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Which Retirement Plan is Right for My Business? By Terri Hancock |
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 March 2006Last month we discussed ways to reduce your federal income tax, and attract and retain quality employees, by establishing and funding a retirement plan for your business. Now I would like to help you to choose the right plan for your business. |
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Planning For The Future By Terri Hancock |
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February 2006 Tax season is now in full swing. As I sit down with individuals and business owners to prepare to file their tax returns I, once again, find myself answering the common question; “What can I do to lesson my tax burden?” That is the question that drives my passion. Most of my clients do not mind paying their fair share of taxes. They simply want to take advantage of any opportunity to make their share a little smaller. |
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Business Resolutions for 2006. By Terri Hancock |
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January 2006 Let’s make some business resolutions for 2006. Start today doing the simple day-to-day things that will make your life easier for next year’s taxes. Don’t wait until you have everything organized for last year, that may be March, April, or later. Start today for 2006. Here is a list of some simple habit-changing ideas to make 2006 run smoother. |
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Year-End Planning By Terri Hancock |
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December 2005 It’s not too late to meet with your financial advisors (accountant, attorney, financial planner and banker) for year-end planning. Now is the time to work on your budgeting, cash management, tax planning, employee benefits and business structure. In preparing your budgets for the next year, it is a good time to look at areas with high dollar expenditures and see where changes might be necessary. Developing a budget requires looking at your cash flow and tax strategies. Again, as always, it’s a good idea to look at your business structure and make changes if necessary. |
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Continuation on Tax Savings Options By Terri Hancock |
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November 2005 Depending on your income, your cash flow, and your ability to borrow, it would be a good time to determine if an asset purchase is a good business choice. In determining whether it is better to buy now or wait until the next fiscal year, several issues need to be considered. |
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Tax Planning By Terri Hancock |
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September 2005 Now is a good time of the year to do tax planning. The first part of the year is already over so you know what your income is for the first half of the year. The second half of the year can be projected through prior year experience, industry standards or economic trends. Based on total income projections from 2005, you can determine your potential tax liability. Options for lowering your tax liability are still available but your cash flow must always be considered when making these decisions. Some options for lowering your tax liability could be, set up or fund a pension plan, offer other new employee benefits, purchase equipment, leasehold improvements, bonuses, or reviewing your business entity type. |
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