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Year End Tax Planning

Posted by Anton Ewing Posted on Nov 06 2011

For those that have a 12/31 tax year end, like partnerships, S-corporations, individual 1040, and LLC's taxed as partnerships or S-corporations, it is important to plan for year end before it passes by. 

Under the cash basis rule of accounting, transactions must clear the business bank account on or before 12/31 in order to be included in this year's tax return.  Pension contributions can be calculated, along with the required W-2 compensation amounts required to justify the pension contribution, by contacting the actuary.  It is important to have your profit and loss statements up to date for 2011 before you can obtain a good estimate for year end planning.

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