IS YOUR 2025 FINANCIAL BUDGET IN PLACE?

While we say goodbye to 2024 and welcome 2025, lot of phrases occupies our mind
including reflect back, future opportunities, new year financial budget and lot.
If you have already done financial and strategic planning for 2025, that is great, if you
are considering drawing up a plan in early 2025 that is fine too as long as you have
considered tax implications in your plan!

That is correct, considering the role of taxes in your financial plan is very critical. For
instance, you plan to purchase a house in 2025 for which you are planning to withdraw
significant amount from your company, it is critical to decide how you will withdraw an
amount from business up front to help decide after tax cash amount so you are not
short at the time of payment for house and determine your payroll remittance
requirements throughout the year (if applicable) to avoid interest and penalties.

In our experience, informed decisions have proven best results rather than simply
meeting compliances after the fact. This applies in many scenarios and not limited to
only tax planning. We assist childcare service providers with government grant,
preparing budget for it and maintain it throughout the year to help avoid significant
surplus repayment at the end. We would love to partner with you to help you make
these informed decisions.

Chaitali V Patel

– Founder
Chaitali Patel Professional Corporation