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Taxing Speeds

Keep your taxes in check in spite of fast growth.

By Joan Szabo

Opinions expressed by Entrepreneur contributors are their own.

If your company is growing quickly, tax experts urge you to payclose attention to your tax situation and the changes growthbrings. A PricewaterhouseCoopers survey released in September 2004found that nearly half of the 392 CEOs of privately heldfast-growth companies expect a big jump in their federal businesstaxes over the next two years. The surveyed companies range in sizefrom approximately $5 million to $150 million in revenue/sales.Companies anticipating the biggest tax increases were made up ofthe fastest growers, who say they expect a 23.9 percent increase inrevenue over the next 12 months.

Some 54 percent of those interviewed for the survey saycorporate tax planning is not completely integrated into theirbusiness plans for the next 12 to 24 months. Don't take thisrisk with your own company--relying on an ad hoc or reactiveapproach to taxes could get you into trouble, or at least hurt yourchances of trimming your tax bill.

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