Year-End Tax Planning 
One of the most crucial parts of the tax year is year-end. Close attention needs to be paid to the following issues prior to year-end:

In Order to Prepare for Year-end Planning:

-Compile a list of all '98 business related expenses incurred.

-Complete a mileage log to document business transportation expenses;

-Perform a physical count of inventory at cost as of the last business day of the year;

-Verify accounts receivable and accounts payable balances for accuracy;

In Order to Maximize current year tax deductions:

-Pay all business expenses by year-end (Cash Basis entities);

-Purchase needed business assets by year-end; -Pay all state estimated taxes by year-end;

-Pay all payroll taxes by year-end;

-Make company-sponsored pension contributions by 12/31/98 and IRA contributions by 4/15/99;

-Make loan payments due in January by 12/31/98. 

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