Arthur Weiss, Esquire, is a graduate of the James Rogers School of Law at the University of Arizona. His other academic accomplishments include a master’s degree in accounting, a master’s of science degree in finance and an undergraduate degree in History and German. He is a member the National Association of Certified Valuation Analysts and regularly confers with business owners and attorneys in matters regarding business valuation.
Mr. Weiss regularly lectures on tax matters, valuation issues and IRS representation. Business Tax planning should accomplish a myriad of tasks the first of which should be to legally reduce the amount of taxes you pay to local and federal tax authorities. If you own your own business then you have already found out that it is more of a paperwork nightmare than you initially assumed.
Between federal, state and city reporting requirements, sales taxes, unemployment taxes, you are constantly busy either filing the forms or paying the taxes associated with them. Of course it is vitally important to do both of these – and in a timely manner. Tax planning is crucial to avoid the most unnecessary expense of all – penalties and interest on unfiled or unpaid taxes. Paying your fair share should be the only tax burden you face.
If you are confronting regular penalties and interest you need to ask why and take immediate steps to rectify it. But tax planning is certainly more than that. It can involve entity selection, depreciation options, timing of revenues and expenses, selection of employees. No one can keep the taxman away completely but we can take steps to insure that we pay no more than is legally required of us. He served twenty years in the U.S. Air Force, retiring in 1989. As a young officer he served in Thailand, England, Germany and a host of bases in the United States. He is married and has two children.