Most business people make the mistake of talking to their accountant or CPA after the first of the year.  As of January 1, 2011, there’s really nothing you can do to minimize your 2010 taxes.  Now is the time to speak to your accountant or CPA and ask for advice as to what you should do to minimize the 2010 taxes for your business.  For example:  Are there any deductions that you missed?  Is there a tax strategy that you need to change or think through? 

At this time, there is much uncertainty about how taxes may impact your business in 2011 due to what is going on in Washington D.C. with the President and Congress.  So having a meeting with your accountant or CPA may even be more critical to review your tax responsibilities. 

It only takes a short period of time to ask such questions of your accountant or CPA.  Don’t wait.  Today is the day to make that phone call and set up an appointment either in person or by phone conference.  When you do talk to your accountant, you may also want to include a specific discussion about your business plans and projections for 2011. Although none of us know what the tax rates are going to be, it’s important to get your accountant’s advice and perspective on how to handle your taxes and expenses for 2011 so that your company is responsive to whatever lies ahead with the federal and local tax codes and how they may affect your business. 

Remember: Taxes are just part of running a business.  Don’t permit yourself to get emotional about the tax situation, whatever it may be, with your business.  If you plan properly, meet regularly throughout the year with your accountant or CPA and stay aware of the changing tax rules then taxes will be just something you take care just like any other part of your business with no surprises.