Alan D. Sobel is the managing member of Sobel & Co. He is responsible for facilitating the strategic direction and the day-to-day management of the firm of CPAs and consultants.
We asked Alan for three thoughts on end-of-the-year planning for small business owners:
Tax planning:Top of the list is the liberal depreciation options for 2013 that will expire in 2014 without legislative changes that would be required by Congress. Capital purchases that your business was considering making in early 2014 could yield better tax benefits if purchased in 2013.
Strategic planning:Simply thinking of New Year's resolutions you want for your business will give you a focus on what you should accomplish in 2014. While lofty goals are good, make sure you break it down to short, 90-day tasks toward those goals to keep yourself accountable and have the ability to see progress throughout the year.
Health care planning: The small business community has been hearing a lot about the Affordable Care Act. However, most don't know the real implications, not the headlines, and have not done any real planning around what options will make most sense for their business.