Be Diligent With Your Small Business Taxes Year Round

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Be Diligent With Your Small Business Taxes Year
Round
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• April 16th may feel like a joyous occasion for
  small business owners and an excuse to throw down
  the tax towel and shake off the tax blues for
  another year, but this kind of approach can be
  dangerous, to say the least!
• Ditching tax talk for the rest of the year after
  filing, can land you in big trouble when the next
  tax season gets into full swing, and heres why
• Dropping your guard could cost you money
• Planning and preparing for tax season, isnt
  something that can be focused upon for one part
  of the year, and then abandoned for the rest of
  the time, and if you do, you could find yourself
  less well off at tax time.

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• A proactive approach is essential if you want to
  set a more accurate budget for your business,
  improve decision making and avoid potentially
  costly penalties. If youre not able to get all
  the relevant information ready in time for the
  deadline and this applies if you have a
  bookkeeper and accountant, too, as they will
  require certain data from you in order to file in
  time you can incur failure to file penalties
  or failure to pay penalties, both of which can
  mount up and cost your business greatly.

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• No tax professional no sound advice and
  guidance
• If you dont engage with a tax professional all
  year round, either a bookkeeper, accountant, or
  ideally, both, then not only are you at risk of
  missing deadlines and not submitting the right
  information, but youll miss out on their advice
  and guidance that can help shape the future of
  your business. Taxes have such a huge influence
  over everything business decision that you make,
  that not consulting with a professional can cause
  your business to fail for any number of reasons.

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• Disorganized accounts can lead to nasty surprises
  at tax time
• Keeping forward looking financial projections can
  help you to maintain an accurate view of your
  potential burden at tax time, and with a
  bookkeeper and accountant on hand all year round
  to help you, you should be able to minimize nasty
  surprises at tax time.
• Irregular progress reports can hinder a small
  business
• While it may be more time consuming, tracking the
  growth of your business in micro terms can give
  you a much clearer picture of how it can scale at
  a quicker pace.

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• If youre not used to doing this, try
  accelerating the payment of some expenses rather
  than waiting until the end of the year, and you
  should have a much better idea of where your
  profits are, and where theyre not.
• Being diligent with your small businesses taxes
  all year round, can help you in so many ways that
  there is precious little excuse for not doing so.
  If you use a tax professional only at tax time,
  consider employing them for the whole year, and
  you should reap the benefits when it comes to
  filing. Minimize future tax payments, plan for
  those payments you know youre expected to pay
  and avoid a whole host of compliance disasters
  waiting to happen.

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• At Heyer Associates we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service. We are also
  specialized in dental bookkeeping in Miami. If
  you are looking for individual tax preparation or
  dental accountant in Coral Gables, Heyer
  Associates would be a right option.