Tax planning only works when you act before the year closes. Every fall, business owners repeat the same mistake: “I’ll deal with taxes at the end of the year.” By December, most high-value strategies are no longer available.

Waiting until the last minute often means missing opportunities that can save tens or even hundreds of thousands of dollars.

When it comes to taxes, many individuals and business owners take a reactive approach—waiting until the deadline looms to gather documents and file returns.