It is only July so why are we posting about taxes? Because – as we are looking at ytd results v goals set, we are starting to get a better feel for the tax impact, also have time to adjust as necessary.
Here are some tips for you to manage your taxes year-round.
Think about taxes all year long. Small business owners should not treat income taxes as a once-a-year event. Instead, tax planning should be a year-round activity. Take advantage of our year-round tax planning offer so that you are no longer in the dark. I often equate the lack of tax planning and preparation to waiting a whole year to hang a picture on a wall because you only have a hammer once a year.
Hire a tax professional. Tax laws are complicated and difficult for business owners to wade through. A professional can help you identify areas where you need to pay attention and deductions that you would otherwise miss. Remember, there's a reason why we are called tax professionals and not input-ers.
Be aware. Even with the help of professionals, you as a business owner must keep up on related new laws, understand the business papers, and keep up with the effect of congress's work on tax laws and changes as it impacts you.
Don't make assumptions. Tax planning to some extent is still a gamble. I never make business decisions assuming that a tax break will pass, or that certain processed its policies will be enacted. What we can do is consider what is in place now. However, once something changes you may need to be able to adapt and quickly, which is why you need to stay aware.
One way that Rincon Controller and Tax Services, Inc. is doing this is by making available continuous tax planning to current clients. Connecting directly to your business accounting software, such as Xero, clients can see the impact almost immediately of their business actions in a financial view throughout the year. We expect this to provide better tax estimates throughout the year so that you can better plan cash needs and how you are tracking to your goals.
Here are some tips for you to manage your taxes year-round.
Think about taxes all year long. Small business owners should not treat income taxes as a once-a-year event. Instead, tax planning should be a year-round activity. Take advantage of our year-round tax planning offer so that you are no longer in the dark. I often equate the lack of tax planning and preparation to waiting a whole year to hang a picture on a wall because you only have a hammer once a year.
Hire a tax professional. Tax laws are complicated and difficult for business owners to wade through. A professional can help you identify areas where you need to pay attention and deductions that you would otherwise miss. Remember, there's a reason why we are called tax professionals and not input-ers.
Be aware. Even with the help of professionals, you as a business owner must keep up on related new laws, understand the business papers, and keep up with the effect of congress's work on tax laws and changes as it impacts you.
Don't make assumptions. Tax planning to some extent is still a gamble. I never make business decisions assuming that a tax break will pass, or that certain processed its policies will be enacted. What we can do is consider what is in place now. However, once something changes you may need to be able to adapt and quickly, which is why you need to stay aware.
One way that Rincon Controller and Tax Services, Inc. is doing this is by making available continuous tax planning to current clients. Connecting directly to your business accounting software, such as Xero, clients can see the impact almost immediately of their business actions in a financial view throughout the year. We expect this to provide better tax estimates throughout the year so that you can better plan cash needs and how you are tracking to your goals.
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