October 7, 2014
As cooler weather arrives, we think about checking our home heating systems, storing patio furniture and planning for the holidays. But there’s another task that should rise to the top of the list when autumn leaves begin to fall.
You may be surprised to learn that October is the best month to share your business tax information with us. After all, the year’s not over yet! But there are real benefits to gathering your data now and sending it our way.
This approach truly puts time on your side. Taking a look at your year-to-date figures gives us the chance to estimate possible tax liabilities, giving you up to five months to reserve funds. It’s a great way to prevent cash-flow headaches you don’t need as you’re heading into Q2.
Imagine looking forward to April instead of dreading it. By getting a jump on things, you can enjoy the arrival of spring knowing your taxes are being prepared and, in most cases, filed on time with no need for an extension.
Even better: we can find the strength in your numbers. By reviewing your 2014 results now, we can see how your business is doing on many levels. The insights gained can put you in a great position to make adjustments now that may lead to stronger profits in 2015.
More good news: your data doesn’t have to be perfect. You might think that sending two or more reports without checking and re-checking every figure might create extra work for us (and a bigger tax preparation bill for you). In reality, having the advantage of time makes the whole process more efficient on both sides. Small issues are easy to resolve when we’re not rushing to meet a filing deadline.
If you’ve waited until the last minute in previous years, please don’t kick yourself. We understand the pressures you face in running a business, not to mention the very human tendency to put off major chores until the pressure’s on.
But if you give it a try, we believe you’ll find that making October your new “tax month” is a great stress reducer – and one of the nicest things you’ve done for yourself in a long time.
Have questions about getting ahead of the game with business taxes – or any related issue? Now is a great time to talk with us. Request a consultation at a time that’s convenient for you. Email us at email@example.com to schedule your appointment.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.