Issue link: https://www.massageandbodyworkdigital.com/i/434495
F r e e m u s i c d o w n l o a d s f o r C e r t i f i e d m e m b e r s : w w w. a b m p . c o m / g o / c e r t i f i e d c e n t r a l 87 Most business owners use a paid tax preparer. Filing a tax return can be complicated, and each year there are new rules that may impact your business— this year, for example, you must report health insurance information to be in compliance with the Affordable Care Act. There are a lot of respectable professionals who can help you, but let me tell you a little secret: if you just drop off a box of receipts to your tax preparer, you are probably overpaying your taxes. Read on to learn how getting personally involved with the planning process can help. Planning Through the Year One fact many people overlook is that over a lifetime, taxes are often the single greatest expense they will have. This is especially true for business owners. That's why it's so important to consider your tax planning as a vital part of your overall fi nancial planning. In order to get the greatest return on your investment, you have to be able to reduce your tax bill as much as possible. Tax planning is something you can do—no, make that something you must do—throughout the year, even if you only fi le your income taxes once a year. There are three goals you should aim for in your planning: • Use tax-law provisions to your full advantage. • Maximize all the tax breaks available by law. • Accelerate and increase all available tax credits and tax deductions. Here are just a few of the hundreds of tax-saving options that businesses and individuals often miss. However, just like making treatment plans for your clients, every person's situation is different—you should seek a professional in your local area to customize a tax plan to fi t you. Another year has come and gone, and it's time to turn your attention to taxes: not only the preparation of your 2014 return, but also planning for the year ahead. What comes to mind when you hear the term tax planning? You may think it's about saving your receipts and keeping track of your expenses and income. But it's much more than that. Tax planning is the art of keeping as much of your hard- earned money as you legally can. Over a lifetime, taxes are o en the single greatest expense we will have.