MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

The 2nd Tax Day of Christmas: Prepare for the New Tax Year

20 Dec 2019 · 1 min

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This content was created by MARK KOHLER. This content was uploaded by MARK KOHLER. This is a YouTube video titled "The 2nd Tax Day of Christmas: Prepare for the New Tax Year" (published Dec 20, 2019) featuring Mark Kohler delivering a short tax-tip segment. Using a holiday-themed intro, he advises business owners to organize and make entity changes before January 1 (e.g., form new entities or dissolve existing ones by Dec 31) to avoid extra tax filings, state fees, and to position their tax strategy for 2020.

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On the second day of Christmas, my true love gave to me the gift of organization. Now, you may be thinking, why is this a tax tip? It's a tax tip because you want to make sure that your business does some adjusting or changes before January 1st. For example, there may be some new entities you need to set up on January 1st so that you're clean and fresh for your tax strategy next year. Also, you may have some entities that need to be dissolved by December 31st, so you're not having to file an extra tax return next year or paying extra fees to the state where it's registered. So consider this tax tip seriously, and make sure you evaluate your tax plan for 2020 and any adjustments that need to be made before you're in get it.