Tax planning for computer consultants (ICCA Monthly Meeting - non-members ok)

This meeting is hosted by the Independent Computer Consultants Association (ICCA).

For details, please see http://icca-chicago.c...

Guest Speaker: Rona Bezman, CPA

Tax planning involves conceiving of and implementing various strategies in order to minimize the amount of taxes paid for a given period. For a small business, minimizing the tax liability can provide more money for expenses, investment, or growth. In this way, tax planning can be a source of working capital. According to The Entrepreneur Magazine Small Business Advisor, two basic rules apply to tax planning. First, a small business should never incur additional expenses only to gain a tax deduction. While purchasing necessary equipment prior to the end of the tax year can be a valuable tax planning strategy, making unnecessary purchases is not recommended. Second, a small business should always attempt to defer taxes when possible. Deferring taxes enables the business to use that money interest-free, and sometimes even earn interest on it, until the next time taxes are due.

Our speaker, Rona Bezman, will provide a dynamic, interactive presentation on how you can better plan for end-of-year tax preparation. Among the items she discuss are the following:

* Tax tips for the self-employed (or sole owner entity)
* Keeping records of your business related transactions
* Recognizing planning opportunities to be found in new and recent tax developments
* Increasing wealth by focusing on tax-saving angles, exploring investment opportunities, and avoiding penalties
* Retirement plans and Health Savings Accounts for small businesses

Come with your tax and bookkeeping questions and learn how to make sense of the new tax laws, identify tax deductions that can save you money, and make smarter tax decisions now and in the future.