“Small business owners need to, first, keep really good records. Bad record-keeping has been the cause of many lost deductions in the past,” said Harlow. “Second, they need to be aware of what the rules are and how that impacts their business so they can make the right decisions. Lastly, they need to focus on long-term planning, not just minimizing taxes in one year.”
Now that the Fiscal Deal has been reached and is place, it has tremendous potential to help both business owners and taxpayers in their long-term income and estate tax planning. American should take advantage of that, Harlow advises.