Have A Proactive Tax Year!

Oct 20, 2019

“As a reformed procrastinator, I’m now getting things done in the first 10 seconds of the last minute.”
― Stewart Lee Beck

So, you’ve worked hard all year and have diligently paid your quarterly estimated taxes. But now, you’re starting to wonder … have I paid enough? Have I paid too much? A visit with your CPA can help you answer this question and keep you on track for a stress-free tax season.

After your 2015 Tax Return was finalized, your CPA should have laid out a quarterly schedule for you to follow. Hopefully, you have followed this schedule, and if your business has not deviated drastically from last year’s results, you should be on the right course.

However, I always recommend you schedule at least one visit per year with your CPA, right after your third quarter results are in. These results are a good indicator of your yearly projections and will help your Tax Accountant determine your tax liability for the year. At this point, your CPA can analyze your quarterly payments and make adjustments as necessary.

The third quarter results are probably your last chance to predict your quarterly payment for January 15 (the 4th quarter for calendar year Corporations).

Of course, you cannot do this if your Corporation books are not up to date. Remember — it is very important to your financial forecasting, as well as your personal tax forecasting, to have the books in order!

So, let Bottom Line Consulting, LLC give you an estimate for getting your books in order and keeping them that way. It will pay big dividends come January.

Always keep the communication open during the tax year and let your CPA know about changes both personally and within your business which may affect your tax situation. Being proactive during the tax year will result in less stress during tax season. And, as always, let me know if there’s anything I can do to help.