2007 Tax Planning

Now is the time to consider year-end strategies that may impact your 2007 income tax.

M. BERGERON + CO. performs year-end tax planning for most of their business clients.  Since most of our clients are business owners that are taxed as S-Corps or Partnerships, the planning goes beyond the Company’s tax return and into the individual tax returns of the business owners.

Tax planning is an important exercise.  Our approach to planning involves obtaining an up-to-date accurate balance sheet and income statement.  We will discuss property and equipment additions and important depreciation rules that your business may benefit from.  We will consider taxable income this year against what we planned for when estimates were prepared.  We will also consider:

Supplemental pay or bonuses.

Retirement plan contribution.

Acceleration of deductions.

Deferral of income.

Alternative Minimum Tax (AMT).

State tax allocation and apportionment.

Capital gains and capital losses.

Charitable Contributions.

Work Opportunity Tax Credit.

LA Motion Picture Tax Credit.

Other tax credits.

We may find that the most important thing anyone can really get from tax planning is knowing what your tax liability is.  In business, cash is king.  Making sure you have adequately conserved sufficient cash to pay your taxes is information most people like to know several months in advance.  At M. BERGERON + CO., we know this, anticipate your needs and provide you with the advice and information you need to know to properly plan for your business’s success.