As the new year kicks off, there is a lot to deal with on the management side of your business.
Finishing last year’s financials. Filing 1099’s and payroll forms. Starting to get organized for filing tax returns.
There is one important task that, in my experience, doesn’t get enough attention this time of year. And it is crucial to your long-term financial success.
The Key To Paying As Little Taxes As Possible
It’s really simple. Start working on your 2021 tax strategy now.
The last thing you want to do as a private practice owner is wait until the end of the year to try and find as many tax deductions as possible. Yet, this is what the majority of business owners end up doing.
Case in point, last month I wrote a guest article for PracticeGrowth.com
I discussed how those last-minute tax savings can hurt your optometry practice. You can find that article here.
You don’t want to fall into that trap again. The best tax savings strategies available take a full year to maximize the benefits.
More Changes Are Coming This Year
There are tax law changes every year, but this year will be especially different.
We are expecting many changes to come from the new administration. And unfortunately, some of those changes will mean paying more taxes. Especially for business owners.
Not all the changes will be bad. Some of them may actually help you get more cash into your practice.
The truth is we only have ideas of what those law changes will look like. Those campaign proposals will likely change many times before we have an actual bill that becomes law.
Yet, one thing is certain. If you don’t have a foundational tax strategy in place now, you won’t be able to shift quickly in response to the coming changes.
How To Get Started
Awareness of the issue is a great first step. The next best step is to find a Certified Tax Strategist who can help you.
Make sure you check out our content hub, the Independent Optometrist’s Guide To Financial Freedom. There I cover how to choose the best tax advisor for your practice, plus some other key points to consider.
The reality is that over 90% of the accounting practitioners do not provide a comprehensive approach that will actually help you keep more of your hard-earned money.
Schedule a bit of time on your calendar to reach out to a tax strategist now. Find the best expert that serves your industry, and do what it takes to work with them.
If you liked this post, check out our Independent Optometrist’s Guide To Financial Freedom
Eric Levenhagen, CPA CTS is the only financial consultant who helps private practice optometrists improve the financial health of their practice with a simple, proven process called Financial Harmony which will reduce their taxes and increase their after-tax profits by at least $10,000 in the first year, guaranteed.