The holiday decorations and advertisements popping up across Baton Rouge should remind businesses that the end of the year is closer than they think. That means the Dec. 31 deadline to file year-end taxes is looming ever closer—and now is the time to prepare.
“Now is the time to get your books in order and get your questions ready. There are no stupid questions,” says John Gautreau, director of tax consulting services at LaPorte Sehrt Romig Hand. “Make sure to have that conversation with your CPA.”
Businesses taxed as partnerships, including most LLCs or S corporations, which choose to accelerate expenses and defer income at the end of the tax year into the next shouldn’t necessarily use that method this year, Gautreau says. The reason? The top individual rate is set to rise to 39.6% in 2011. A proposal in front of the U.S. Treasury seeks to accelerate that increase to 2010. For the full story and a list of more business tax changes, click here.—Emma James
