Accountfully recently released new tax planning and tax strategy packages for business owners who want to partner with a team that will help them maximize their deductions and simplify the tax filing process. Rather than working with a CPA who rarely understands the day-to-day operational challenges of a business, we encourage business owners to leverage the bookkeeping and accounting team that is already doing their bookkeeping and accounting work. After all, accurate books are the foundation of a business tax return.
While it’s only August, there are a handful of things you can be doing now to get ready for tax season, because after all, when you’re a business owner, every season should be tax season.
Review Income: Are you reviewing your income on a quarterly basis? If you’re a business owner making quarterly tax payments, be sure that the payments you’re making correspond to the income that you’re making. Don’t overpay or underpay—work with a tax team that will help you make projections about your annual income to avoid penalties and fees.
Understand Position: For business owners to minimize their tax obligations, they need to have a firm understanding of the ways the tax law changes can benefit their businesses specifically. Many of the changes are complex enough that business owners benefit from working with a tax strategist who can make recommendations based off their unique situation.
Review Receipts: If a business is eligible for the research and development tax credit, there will be a fair amount of legwork required. Get a headstart on this deduction and work with a tax expert who can help plan for this undertaking and give advice about whether or not it’s worth exploring.
As a business owner, the best thing you can do when it comes to taxes, is to be proactive. Work with a team that insists on monthly or quarterly check ins so they ensure they’re up to speed on everything happening with the business. Accountfully prides itself on execution and expertise—in addition to filing for extensions and making quarterly payments, we’ll advise on unexplored deductions and strategic purchases.
Ready to learn more about these quarterly tax packages?