The Tax Man Comethby Dr. Ron Arndt
I know you’re saying, “But Coach Ron… It’s not even April 15th yet!” Tax management is an integral element of the entire financial picture. By working with a talented accountant – year round – you can take advantage of all the legitimate tax reduction opportunities provided in the Internal Revenue Code, that are appropriate for you. I coach my full contact coaching clients to be cognizant of their financials, just like a CEO of a corporation would do.
- Understand how proper planning can save taxes. You will be more likely to maximize legitimate and appropriate deductions that are provided by law. Proper planning will benefit your practice by minimizing taxes. This needs to occur all year round, so keep it front of mind.
- Schedule your annual tax-planning meeting in September. It’s just around the bend. Request and expect tax savings recommendations from your accountant at this meeting. This enables you adequate time to make and carry out recommendations in a timely fashion, like purchasing new equipment before December 31st.
- Think before you act. Before acquiring equipment, review the tax ramifications and the lease versus purchase considerations. This can help you save money and enhance cash flow.