How to Make Filing Your Taxes a Non-Event
How did your last tax filing go? Were you stressed out? Surprised by a big tax bill? Angry at your accountant?
If you’re like many business owners, filing your taxes can bring stress and anxiety. But it can be so much easier.
By incorporating your long-term business goals and staying on top of your accounting throughout the year in small increments, tax season can become an afterthought instead of a source of dread – especially if you have the right accounting partner.
Start with Strategy
A seamless tax season starts with focusing on your future by incorporating your long-term goals into your tax strategy.
When are you planning to sell? Is paying the lowest amount of taxes the only goal? Can you claim R&D tax credits now or in the future?
It’s also important to resist the temptation to kick the can down the road by filing extensions – this should be a stated goal. When taxes are filed on time, you can focus on forward-looking decisions instead of being mired in what happened last year.
Incorporating these goals into your strategy can both lessen your tax burden and avoid surprises.
Accuracy & Consistency Go a Long Way
Accurate accounting every month goes a long way to reduce stress from GL coding to bank reconciliations.
For example, catching miscategorized expenses throughout the year prevents time-consuming clean-up at year end – not to mention the consequences of having bad information all year long.
Make It a Quarterly Tradition
Quarterly tax planning may not be fun but it’s necessary to review what is owed, and when and helps ensure you have the right amount of cash on hand when your taxes are due.
It’s also an opportunity to review big decisions you have in mind that could affect cash flow and tax planning.
Taxes Are Simplified with the Right Partner
At Kirsch CPA Group, we work with clients to develop and implement tax strategies that lessen the tax burden in every sense: reducing tax liability while also reducing the time and stress of tax filing.
Offering a wide range of accounting and advisory services, Kirsch brings the financial guidance you need, when you need it, so you can make better decisions and achieve your goals faster and easier.
Let us help you take steps to reduce your tax liability now while preparing for your cash needs in the coming year.