Best Year-End Strategies for Your Business

As each fiscal year winds down, businesses must examine their year-end strategies, and 2020 is like no other. One of the best strategies is a team approach of different advisors. Business Connection host Liz Spencer talks with three area experts to help demonstrate that team approach.

Business Connection Guests:

Gabriel Chavez – Private Wealth Advisor with NorthStar Wealth Group

Sachin Gandhi  –  BG Advisors CPA

Ian Holzhauer – Nagle, Obarski & Holzhauer P.C.

COVID19 and Year-End 2020

The PPP loan forgiveness brought much relief to area businesses in the early months of the COVID-19 pandemic. Many businesses are now waiting for their loan forgiveness, and some haven’t even applied yet.

Sachin Gandhi of BG Advisors CPA suggests, “If a business believes your PPP loan will be forgiven, you should include that as income for 2020.”

“The CARES Act for those individuals, really struggling, [allowed them] to free up capital from their retirement account taking a distribution up to 100K and being able to spread the taxation over the next three years,” adds Gabriel Chavez, Private Wealth Advisor with NorthStar Wealth Group.

Other Year-End Opportunities

  • Gifting
  • Charitable Gifting
  • Sale of Business
  • Sale of Property (1031 Exchange)

Year-End Advice from the Experts

Sachin Gandhi says, “People usually wait until January to start working on their goals and projected finances for next year. I would suggest starting in December.”

“I would like to emphasize how important it is at this time of the year to work with your accountant,” adds Gabriel Chavez. “There are a lot of strategies in play that need to be implemented before the end of the year that can save you a lot of money in taxes.  Tax planning really comes down to making adjustments in December and having a really good account team.”

“Naperville is a town of family businesses,” says Ian Holzhauer.  “Most business owners do not have a written succession plan and that’s a problem. Make 2021 your year to get it done.”

For more community news and information visit NCTV17.com


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