In Business: Tax Planning Checklist

Tax Planning Checklist by Irving L. Blackman Year-end tax planning is always a good idea. It might be compared to fertilizer: It makes your tax savings grow. It works best when you have either a new law or a change in tax rates. This year, you have both. Three things are essential to successful business year-end tax planning session. You should: Arrange your meeting away from the office where the tax planning. team-usually the company's top decision maker, controller, and outside tax adviser-will have enough time to pinpoint financial and tax objectives and thoroughly analyze how to meet them. Gather the essential financial information-last year's financial statement and tax return; projected year-end financial statements for the current year; and a projected profitand- loss