Tax planning for the year ahead

Tax planning for the year ahead

This year, make your tax plan a resolution you can stick to.

More Questions than Answers . . .

Planning your taxes early in the financial year can be a bit of a headache. You probably have more questions about your business than answers. How much growth will your business experience? What will be your total gains and losses? What about your investments – how will they do? While you may not have these exact numbers to rely upon, it’s best to forecast them based upon what your business experienced the year prior so that you’re fully prepared for the year ahead.

A financial forecast can tell you how best to weather the upcoming year.

In forecasting how your business will fair over the upcoming year, you’ll be saving yourself from the possibility of hasty decision-making – and the financially painful results often associated with decisions not given proper consideration. Planning ahead also helps to keep your business on target with how much you need to save throughout the course of the year in order for it to remain financially healthy and viable.

Make a Plan A. But keep Plan B close by.

Determine your goals and where you want to be and steer your business in that direction. Keep handy, though, a more realistic Plan B. After all, you don’t want to be in the position where you were expecting to be in one place, but instead find yourself far short of achieving that goal. Always take the time to plan for the unexpected.

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