Altabanking episode 37 with Judd Austin
Altabanking Interview KSL Radio Transcript: End of Year Tax Planning with Judd Austin
Segment Title: Altabanking, 2020 Tax Planning Strategies
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Judd Austin is Chief Banking Officer at Altabank. Welcome back, Judd. Tax season is just around the corner and year-end tax planning for small businesses is more important than ever this year. What makes this year so unique when it comes to tax preparation?
JUDD: Great question, Grant. This year definitely had its share of financial uncertainty with the COVID-19 recession. The fiscal stimulus package and tax relief intended to help businesses impacted by the virus added a new component to the tax planning. Businesses of all sizes need to make sure they have the right tax planning strategy in place to help them navigate these disruptions and put them on the right path heading into the new year.
GRANT: What are a few things businesses can do as they begin to close their books for this calendar year?
JUDD: First, don’t wait to begin planning. The earlier you start, the more prepared you’ll be when It’s time to file. Now may be the time to invest in new equipment or prepay expenses, depending on your business position. Find out what tax deductions you’re eligible for and make sure to take advantage of expiring provisions like the Work Opportunity Tax Credit, and understand how PPP loans will be taxed and how to account for any tax relief programs you would use.
GRANT: What is the one thing you’d recommend most to businesses looking to get the biggest tax savings possible?
JUDD: Consult the professionals. Set up a meeting with your accountant or tax preparer before the year ends to get advice on how to manage your tax liabilities and avoid mistakes. Proactive consultation can help avoid tax problems and position your business well for 2021. If you’re uncertain about the advice you are getting, obtain a second opinion.
GRANT: Well Judd, that’s great advice. thank you very much, always good to talk with you. This has been Altabanking. Brought you by Altabank. Member FDIC.