Every CPA will likely agree that it's crucial for business owners to make time in early December to collaborate and review the business’ financial and tax records for two very important reasons:
If there are any tax strategies that you can implement before the year-end, you will have time to do so.
If you are going to end up owing a large amount in taxes you will have sufficient notice to make a plan to pay that balance. Nothing is worse than finding out you owe a lot of money in taxes with just a few weeks' notice.
Many small business owners skip this review and it’s often a costly mistake
It's important to remember that year-end is a crazy time for CPA's too and they can only provide you precise tax-saving strategies if you provide them accurate and up to date information.
When your CPA has more time to help you prepare, they have more time to draw up the strategy that will save you the most money.
By thinking of your CPA as someone who’s there to check your work, make recommendations and offer tax saving strategies, not someone do bookkeeping for you, it’ll reduce the number of questions you have to answer and hopefully result in a lower bill as well.
Review this checklist to help ensure your financial information is ready for your tax consultation with your CPA.
While we are, of course, available to provide you with any business, accounting or tax services, the information contained herein is general in nature; any advice regarding those services should not be construed as tax advice and is not intended as a thorough, in-depth analysis of specific issues, a substitute for a legal, accounting or tax advice or opinion, nor is it sufficient to avoid tax-related penalties to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated.
The reader should contact Strive Tax & Accounting, LLC or other tax or legal professional prior to taking any action based upon this information. Strive Tax & Accounting, LLC assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.
#bonusdepreciation #taxpreparer #taxpreparation #taxreform #financialreporting #accounting #taxavoidance #taxstrategy #taxplanning #taxseason #tax #deduction #bookkeeping #businessinformation #smallbusiness #businessstrategy #mileage #employees #LLC