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It’s Tax Season!

It’s tax season again , every year, I talk with hundreds of people – clients and non-clients – about taxes, and every year, 90% of the advice I give out is the same. For business owners – new and old – tax season shouldn’t be a stressful time of the year.  

So why is it? 

There are a handful of reasons, and every one of them could be avoided. 

  • Being unorganized.  Is the biggest one!  This blog actually creates almost ALL of the other challenges we’ll face – the costs associated with filing, because business owners either need my team and I to recreate and document all your tax activities for the last year OR you.  Do yourself a favor – make a promise to yourself this is the last year you’re going to wallow around with bad organizational habits for your financial habits in your personal life and your business.  We can rollup your receipts throughout the year, we can file your quarterly tax returns so you don’t owe back taxes and we can assist you in organizing your records. 
  • So why are you not doing the monthly or quarterly financial maintenance?   This is another big challenge that wastes money and time for business owners, and it sets up a cascading effect.  If you failed, for example, to pay quarterly taxes at all last year, guess what?  You’re going to be scurrying around looking for liquidity to pay by April 15th, your stress levels are going to be through the roof, and you’ll also likely to have the added worries because you have to pay IRS fines.  Even if you didn’t have any taxable liabilities (in terms of quarterly payments), you should at least have some insight to the amount of money you should have put away for a rainy day … and yet, here we are.  Stop the madness and set yourself up for success next year by maintaining sound financial records.
  • Not asking question throughout the year.  One of the hardest things about my commitment to serving clients is the fact I can’t give you council if I don’t know you have a problem.  By keeping the lines of communication open throughout the year, my team and I can help you avoid many challenges.  We can guide you through new ideas and you make viable financial plans for your business.  Not only can these conversations save you money, they can also lower your taxes (or at least mitigate the taxes you’d pay).  Often, though, when entrepreneurs don’t ask in a timely fashion, the year-end conversation is far more expensive. 

There are a lot of challenges you might face – Some of  them can be avoided with a little planning and preparation. 

Get organized and get the results you deserve!