Retirement plans : As the owner , ensure that you have maximized potential retirement deductions for the year . There are several types of plans where deductions can be calculated after year-end but are based on income for the previous year . In contrast , most 401 ( k ) deferrals must be made before yearend . Review your retirement plan annually to consider if it still fits your needs .
Tracking financials : It is never too early to get the books cleaned up . Trying to plan for year-end without knowing the current pulse of your company could limit tax planning strategies . Knowing current performance allows business owners to make the best possible decisions for cash flow and understand the tax impacts of each decision . Potential actions may include paying down lines of credit and prioritizing payables . Review your data and make a financial plan with your 2023 goals in mind .
The above suggestions vary in practicality , application , and ultimate benefit to you , as a business owner . Consulting a CPA with experience in the medical and dental industries can help navigate these nuances . Give yourself time to consider your options and let us know how we can help in the process . Our goal is to enable you to focus on your patients and feel confident in the decisions impacting your practice .
Tasha Ravinowich , CPA has over 15 years of experience in tax compliance and advisory services and has been with Saville for 12 years . Tasha ’ s expertise focuses on helping businesses and high net worth individuals create and implement tax minimization strategies with specific knowledge of nonprofit and healthcare compliance . Tasha ’ s experience and knowledge of tax planning and entity structure allow her to advise clients in a variety of consulting areas . Over her career , Tasha has had the opportunity to work with closely held businesses in a variety of industries included professional services , real estate , hospitality and retail .
Tasha and her husband have one daughter and live in the DFW Metroplex . When Tasha isn ’ t working , she and her family enjoy traveling , and exploring new destinations .
To contact Tasha , send an email to : tashar @ savillecpa . com
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