Keep your taxes in check in spite of fast growth.
If your company is growing quickly, tax experts urge you to pay close attention to your tax situation and the changes growth brings. A PricewaterhouseCoopers survey released in September 2004 found that nearly half of the 392 CEOs of privately held fast-growth companies expect a big jump in their federal business taxes over the next two years. The surveyed companies range in size from approximately $5 million to $150 million in revenue/sales. Companies anticipating the biggest tax increases were made up of the fastest growers, who say they expect a 23.9 percent increase in revenue over the next 12 months.
Some 54 percent of those interviewed for the survey say corporate tax planning is not completely integrated into their business plans for the next 12 to 24 months. Don't take this risk with your own company--relying on an ad hoc or reactive approach to taxes could get you into trouble, or at least hurt your chances of trimming your tax bill.
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