Most business owners, no, pretty much all business owners cringe at the mention of tax time. It strikes up feelings of fear, money slipping right out of your hands, the dreaded “have I done anything wrong?” and the fear of the unknown. Sound familiar? You are not alone.
Wouldn’t it be fabulous to nix these feelings all together? We think so.Solution: take a proactive approach through the whole year to know where you stand with your business profit and overall tax picture. It’s totally doable and feels fantastic. Here are some tips to eliminate tax season grumbles:
- Know your numbers all year long. How is this accomplished? By having a rock solid internal accounting system that accounts for your business activity. Consistency is key.
- Touch base with your Accountant (us!) before your quarter 3 and 4 estimates are due. This is why #1 is #1. Good numbers allow for good planning. Pardon the horrid English.. we’re accountants. Tax planning is the key to taking away anxiety in April. You’ll already know relatively closely what’s going to happen.
- Knowledge & Teamwork. That old saying knowledge is power really is true here. By working together as a Team and communicating throughout the year you can be proactive and take as much control as possible over your tax situation. Connecting you’re entire array of professional folks is always best. We all have your best interest in mind and will work together for the greater good. Don’t feel you have a strong Team in place? We can definitely help with that. We value quality over quantity and have very close relationships with attorneys, bankers, employee benefit folks, financial planners, you name it. When you have someone on your side with a ton of business and tax experience that you can call anytime, there’s no reason to feel anxious. We got your back!