It's Never Too Soon to
Christopher Davis, CPA Jim Rice, CPA
Start Tax Planning
WHILE THE SUMMER months are typically synonymous with vacations, this is also
the halfway point of the calendar year, and by now, most practices should have a decent
feel for how the year is going financially. An up-to-date profit and loss statement with
a balance sheet and cash flow statement, along with other important financial data,
should be reviewed and compared to budgeted information. If the financial statements
are not perceived as valuable, then the practice accountant should explain them further
in order to more fully understand the financial health of the practice and the tax
ramifications. With this year-to-date information in hand, it is time to start focusing
on tax planning.
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