Be Diligent With Your Small Business Taxes Year Round - PowerPoint PPT Presentation

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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! – PowerPoint PPT presentation

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Title: Be Diligent With Your Small Business Taxes Year Round


1
Be Diligent With Your Small Business Taxes Year
Round
2
  • 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.

3
  • 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.

4
  • 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.

5
  • 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.

6
  • 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.

7
  • 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.
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