Send your insurance package out to bid. Don't forget to include your current insurance consultant in the bidder list. You may be happily surprised at the results. Prices are reasonable and competitive. The first tax reporting of your business is critical.
Elections have to be made, and can only be made on a timely filed income tax return.
If you are not sure what elections are available or what elections to make for your business, call us or your CPA and be assured of the best tax benefits. That is why tax planning should be an all year-round effort. Effective planning today may not only reduce your 1996 tax liability, it can help you lessen the confusion at tax time next year. The sooner you get started, the more flexibility you will have. You should use the information you gathered and the insights you have acquired during the process of filing your 1995 income tax returns as a starting point for preparing a blueprint to improve your tax position for 1996.