Questions Which Might Affect Your Business' 2011 Tax Bill

Questions Which Might Affect Your Business' 2011 Tax Bill

November 1, 2011

“Let me tell you the secret that has led me to my goal. My strength lies solely in my tenacity.”
-Louis Pasteur

I hope you took my advice from last week to heart, and you’re preparing for a holiday sales surge. Now, let’s talk about what to do with all your revenue from this year, shall we? You see, I’m doing something a little different here this week.

As you know, I love to write about current events, marketing and management issues with my Weekly Note — essentially, information that matters to YOU as a small business owner. And we try to keep the tax information concise and as pertinent as possible — knowing that most of our clients prefer we handle all that for them.

Well, with less than two months remaining in 2011 (!), there may be a few moves we can make yet which can help your tax hit before we’re forced into “reaction mode” — which is the only mode out of which after-the-fact tax work can be done.

So, if at all possible, I’d like to change that paradigm for you by having you answer a few short questions for me… So, without further ado — some questions for you:

1) Have you had a significant change in your business revenue this year?

2) If you anticipate a loss … do you see this as continuing?

3) Did you start or sell an additional business this year?

BONUS QUESTION: Do you know anyone who did, that would like input on their tax situation? If so, please point them our way — as you know, we can help!

4) Is there capital equipment which you have been considering purchasing (which we can put into service for deduction purposes in 2011)?

5) Do you have delinquent AP which it’s finally time to write off?

6) Have you spent more, or less than $500,000 in capital purchases this year?

7) Do you provide healthcare to full-time employees? If so, what is the average salary you provide (excluding owners and partners)? **

8) Have you sent your family, friends, and any other business associates our way? And, if not, is there something which we can help you with, to make this easier?

9) Are there any other issues you think we should know about? Now — the answers to these questions form the “tip of the iceberg”, and they will help us to know which direction to take as we work with you over the next month and a half to prepare for year-end.

If you jot down your answers to these 9 questions and email them to mark@meccpa.com — with your permission, we’ll contact you back, as appropriate, and set up a time to discuss them further with you, whether by phone or other method. We’re really looking forward to serving you WELL this year — and greatly appreciate your helping us do that!