Bohemia, NY (PRWEB) November 16, 2013
Lawrence Teicher, founder of CFO Consulting Services, comments on an article published by Businessweek on October 29th, which details the need for business owners to consult with CPAs to prepare for year-end tax planning.
According to the Businessweek article titled “What Business Owners Should Discuss With Their Tax Planners,” many pressures from federal tax laws have been lifted and the economy is beginning to recover. For many small business owners, this is a good sign.
However, the article says its still necessary for business owners to meet with financial advisors and experienced CPAs to organize tax information. Advisors can help business owners decide whether or not to defer or accelerate income before the end of the year. They can also assist in making decisions regarding expiring tax provisions.
Lawrence Teicher, founder of CFO Consulting Services, says small business owners should always consult a seasoned CPA or tax planner to ensure their finances are on track. “A good CPA will have the ability and knowledge to keep businesses on track,” he says. “There are many provisions in the tax law that can help or harm self-employed individuals and business owners. A big one is the self-employment tax, which many new entrepreneurs seem to forget about, and the AMT.”
Teicher also says business owners need to make sure they are taking advantage of deductions that fall under Section 179, which allows write offs for technology software and other equipment. “Many small business owners are unaware of Section 179, as well as the advantages of bonus depreciation,” he says. “But these tax provisions can be extremely beneficial to a company’s cash flow.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.