Make your home page

Is it Already Time to Start Thinking About Taxes? 

BEO 6-2-24 A&B

As summer approaches, the last thing many small business owners are thinking about is taxes, but one local expert says now might be a good time to focus on getting a headstart. 

Courtney Kincaid, the President and CEO of the Indiana CPA Society, says many small business owners should be looking at certain tax credits and how to best prepare those claims for next tax season. 

Kincaid says this is a good planning opportunity, and now is a good time to be proactive instead of reactive. When it comes to finding tax breaks, Kincaid wants small business owners to look at every aspect of their operation. For instance, if remodeling your office space, would you qualify for a credit for including ADA-compliant features in your plan?  

For companies that work in research and development, Kincaid says there are many opportunities for credits. And she says to get a headstart on learning more about those before next year sneaks up on you. “It’s a really great time to do this.” 

In addition, Kincaid says documentation is a critical step, and the more you document, the easier it will be to successfully claim an exemption or credit next tax season.