Dealing With Uncle Sam
By J. Tol Broome Jr. -- Gifts and Dec, 1/1/2002 12:00:00 AM
Most gift industry business owners would rather undergo root canal therapy than have to even think about income taxes. Yet while the subject of dealing with income taxes can make you feel down in the mouth, there are a number of things you can do to make the process less painful, and save money. It requires proactive planning, according to Pete Pulliam, a CPA for 42 years and a partner in Pulliam & Jones in Greensboro, North Carolina. The firm's client list consists exclusively of small businesses and professionals.
'You need to get off on the right track with income taxes,' he advises. 'You need to make sure you have the right election for the legal entity of your business, choose an appropriate fiscal year, establish a plan for taking legal expenditures and tax credits, and set up a good record-keeping system. If you do these things, you should be able to take advantage of the tax laws rather than having them take advantage of you.'
Here are a number of useful ideas to get you moving in the right direction when dealing with Uncle Sam.
The Professional Touch
The first step you should take is to seek input from a professional. Depending on your financial acumen, you may ultimately choose to do most of the day-to-day income tax work on your own. And that's fine. However, every business owner should seek some professional assistance in the tax planning process. The reason is simple ...
For the full story, see the January 2002 issue of Gifts & Dec.
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