The toughest year for tax planning

Year end tax saving work for small business owners often involves compensation and benefits planning.

Compensation and benefits planning has been at the core of my solo practice for 25+ years, especially since my 1995 graduation from Villanova Law that has an excellent program for this area of practice in their MT program.

But the single point of this post is that I’ve never found it so difficult to work with service providers in this area to accomplish what we need to do to realize tax savings. The usual December backlog is worse than ever. Security protocols, staff shortages and Covid business practices increase the challenge.

My immediate focus is to meet required tax deadlines this month and sort the other issues out later.