Small business tax planning while you can still change the outcome
Small business tax planning works best before the year ends, not at filing time. This playbook and projection workbook help you estimate your tax bill, compare scenarios, and act on the moves that still count before December 31.
Thank you for reading this post, don’t forget to subscribe!Who it’s for
It’s built for self-employed people, sole proprietors, and owners of S corporations and partnerships. It’s also a strong planning tool for advisors who meet with clients in the fourth quarter.
What the small business tax planning kit helps you do
- Project your federal tax for the year
- Compare scenarios side by side
- Plan quarterly estimated tax payments
- Estimate whether an S corp election could save you money
What’s included
- Tax Planning Playbook with year-end strategies (Word)
- Tax Projection Workbook with Inputs, Projection, and Scenario Summary tabs (Excel)
- Estimated Payments, S-Corp Estimator, and current-year tax tables
How it works
First, enter your year-to-date income and expenses. Next, review the projection. Then, test scenarios such as buying equipment or increasing retirement contributions. Finally, set your remaining estimated payments and act before year-end.
Why tax planning matters
Once the year closes, most of your options close with it. The IRS explains quarterly payments on its estimated taxes page. For more S corporation planning, see our S corp reasonable salary toolkit.
Small business tax planning FAQ
When is the best time to do tax planning? Ideally in the third or fourth quarter, when you have most of the year’s numbers but still have time to act before December 31.
Does the workbook include state taxes? It focuses on federal tax, with a field for an estimated state rate. Because state rules vary, confirm state amounts with your preparer.
Is this year-specific? The projection workbook uses current-year tax tables. Because tax law changes, check for an updated version each year before you plan.
Want a planning meeting before year-end? Work with us at LNS Accounting & Business Consultants.
Format: Excel and Word. Instant download. General information only; tax law changes. Not tax advice.