It’s the month of November and we are nearing the end of the calendar year, 2008.

All businesses that pay their taxes on a calendar year will want to be in contact with their accountants.  It’s the time of year to sit down with your accountant, review the business year and plan your tax strategy. 

Many businesses make the mistake of waiting till the very end of the year or beginning of the new year to plan their tax strategy.  Then it is too late and businesses end up paying more taxes than they need to. 

Your accountant is a valuable advisor to the business and should be able to advise you how best to file your taxes in order to pay the least possible amount the tax law permits.  

There is a great deal of talk these days about raising taxes.  We all know exactly where the tax burden is going to fall – on the business community.  As a CEO, company president or business owner, you want to ask your accountant to keep an eye on the political situation and inform you of any tax changes the new administration makes which will directly impact your business.  In addition to federal tax obligations, stay up-to-date with state and local taxes too as they continually change – especially now with many state and local governments looking for ways to fund projects in this troubled economy. 

We certainly want to make sure that everything we are doing is in compliance with the law but certainly we want our accountant to take advantage of every legal deduction available.

Remember it’s not how much money you make.  It’s how much money you keep.