David M Daggett CPA

Executive Leadership

David M. Daggett CPA - The Importance of Tax Planning in Small Business

Tax planning is important for individuals, and it is especially important for small businesses. David M. Daggett is a Certified Public Accountant (CPA) in California. He has years of experience and while he worked with Arthur Andersen & Company, he audited small to medium sized businesses. It is important for business owners to maintain their taxes and plan for their taxes throughout the year. Tax planning is an ongoing task that can have a major impact on your business.

The first thing you should do as a small business owner is to estimate your personal and your business income for at least a few years. This is a great planning strategy because these estimates could help you determine what your tax bracket may be. If you are able to generate accurate estimates, then your tax plan is more likely to be successful.

The second thing you should do is meet with your accountant to discuss any tax credits that are available to you. A professional can help you go through your business expenses to determine which credits you can claim.

Another step you should take is to save all of your paperwork. It is important for you to take every possible deduction. Tax deductions can include office equipment and furniture, as well as other business expenses. Keeping files on all of your expenses can make tax season a little easier. ​David M. Daggett has been a CPA since 1986. He has worked for several major companies, and he has been a small business owner.

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