Some areas the firm analyzes during year-end planning include equipment and property depreciation, interest expenses, employee benefits, retirement plan contributions, charitable donations, and carryover losses from prior years. Taking the time to evaluate all eligible business expenses and transactions is essential, explains Associates in Accounting.
In addition to pinpointing deduction opportunities, Associates in Accounting CPA also ensures proper income classification. Determining what qualifies as ordinary income versus capital gains directly impacts how much you pay. Correctly categorizing foreign-earned income and special income types are other areas in which Associates in Accounting can guide you.
Associates in Accounting CPA provide tax preparation, planning, bookkeeping, payroll, and other financial services throughout Louisville and surrounding areas. The firm specializes in working with small business owners to optimize their tax obligations.
A spokesperson for Associates in Accounting CPA said: “With our updated year-end accounting and tax planning services, we help business owners wrap up the year from a position of strength. Proper planning and preparation means you don’t overpay come tax time and sets you up for an organized, audit-ready 2024.”
Let the experts handle your tax planning and preparation for 2024. Get in touch today.
Check out https://associatesinaccountingcpa.com/services for any extra info you need!