Your Taxes: Questions for year-end tax planning
For a starter list of questions to check when filing taxes towards the end of the year, find the answers to these important questions.
Your Taxes Photo: Thinkstock/Imagebank
Business profits and taxes need to be monitored regularly, especially towards
the end of the year. Below is a starter list of things to check out.
Professional advice is recommended in each relevant country.
the business side, consider among other things:
• What are your goals, and are
you achieving them?
• Are your sales increasing?
• Are you networking?
• Do you
check your bank balances and cash flow every morning? • What is your gross
• Can it be improved?
• What is your likely net profit after all
expenses this year?
• What is your likely tax bill this year?
• Are installments
• For year-end planning, check the amount and timing of: income, expenses,
inventory count, and find out if other accruals are possible.
project planning possible?
• Do you have charitable donations?
• Are your
pension, hishtalmut (study funds) and life insurance enough to support you?
relevant, do you optimize the aliya 10-year exemption for foreign income?
you an exporting manufacturer?
• If so, are you a preferred enterprise?
• Do you
have, and optimize, intellectual property (IP)?
• Do you plan to file taxes on
any foreign source income?
• Has the transfer pricing between your entities been
• Are your accounting books up to date and helping you manage your
• Is your tax, VAT, and national insurance reporting up to date?
all employee matters up to date? (This includes agreements, mandatory pensions,
On the family/personal side, consider these questions,
among other things:
• Do you and your spouse have up-to-date wills in each
• Are you expecting an inheritance from abroad?
• Are you
planning against a double tax?
Consult a qualified
investment adviser periodically.
• Do you owe foreign taxes?
• Do you
have a Israeli foreign tax credit?
• Is your Israeli tax withheld at source?
Do you have Israeli halfyearly capital gains tax reports?
• Do you optimize the
aliya 10-year exemption?
• Do you have trusts?
• Are your pension, study funds
and life insurance enough to support you?
• Do you have any charitable
As always, consult experienced tax advisors in each country at an
early stage in specific cases.
The writer is a
certified public accountant and tax specialist at Harris Consulting & Tax