Set up your business entity before year’s end and make sure you have the BEST ASSET PROTECTION available for your business and personal assets. Get organized and utilize business deductions to lower your taxable income. Having a good business attorney and a good accountant on retainer, working hand in hand, are two steps you can take to be ready should the unexpected arise. Legal action by customers, suppliers and even employees, as well as tax audits by the IRS–all emphasize the need for iron-clad asset protection and proper tax planning.
REMEMBER: You don’t have to be in the wrong to be sued–or audited!