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Business Tax Planning: Changes are Coming

In business, it is critical to have a solid tax strategy in place. In order to prepare effectively, business owners must to stay abreast of the latest information regarding tax planning. Many business owners, therefore, seek the assistance of a tax planning service to guarantee their compliance.

IDS will help your business get on track with tax management and planning

IDS will help your business get on track with tax management and planning

The IRS is constantly modifying the regulations and guidelines that businesses must follow. For example, in 2015, the Affordable Care Act will be changing the penalty for individuals or business owners who do not carry insurance. The penalty rate will double; and while two percent may not seem significant, it is considerable in the long run.

Currently, the argument for lowering the taxes for C corporations is under review. However, this reduction wouldn’t affect businesses under a different structure, unless said amendment is applied to them as well. Another significant modification is that many deductions are being eliminated, and additional limits are being placed on how much businesses can deduct for various expenses. This adds to the complexity of tax planning for business owners and tax planning services alike.

Many credits and deductions either expire or change every year, including the Work Opportunity Tax Credit, Bonus Asset Depreciation, and the Energy Tax incentives. While many of these changes won’t actually go into effect until after election season, it is critical for business owners to be prepared. With the assistance of tax planning services from International Development Services, businesses can trust that they will always be prepared for tax season.

Tax planning is an integral part of any corporation, and being skillful and meticulous can be extremely difficult for a business owner doing it on their own. Counting on a professional team like International Development Services that offers tax planning services, will not only assist them preparing for the upcoming tax season, but help them better understand where their tax dollars are going. When it comes time to file their 2015 taxes, it’s imperative that they are well prepared for a quick, successful return.

Tax planning is a critical area, one that every business owner should pay close attention to. They should periodically inquire whether their tax advisors or accountants are up to date with tax laws in order to stay informed how they many affect their business. By keeping a close watch on the changing laws, businesses can not only lower their risk of lost opportunities, but can take advantage of future savings as well.

International Development Services offers assistance in helping businesses pay less in both taxes and penalties with effective, strategic tax planning.

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