Looking ahead, noted the Wall Street Journal, is always a good idea when small business owners do their business and personal financial planning. And income taxes are one of those things that most businesses should probably give more attention to all year. Too many of them put off even thinking about taxes until year-end or just before the filing deadline. Like their investing, their tax planning should be a year-round issue.
Small business owners pay their taxes all year long, so they should be focusing on tax planning all year long. That doesn’t mean owners should make financial decisions based solely on tax considerations. But it does mean they should never make important financial decisions without at least considering the tax consequences.
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