Well, it’s that time of year again, and I’m not talking about holidays and New Year’s celebrations. The tax season has arrived and businesses and individuals are wondering what they can do to reduce their tax burdens for 2014. A quick online search of the “best tax tips for 2014” yields millions of results with everyone from the IRS to tax services to banks selling retirement vehicles to bloggers with top ten lists weighing in.
Most of these are basically the same “tips” with very few novel ideas. While some of these tips are helpful, the fact is, now that 2014 is over, there is very little you can do to impact your tax burden for last year.
But don’t despair. Now is the best time to create a plan for 2015 so you can avoid the tax time blues next year. We have all heard the famous quote by Benjamin Franklin, “In this world nothing can be said to be certain, except death and taxes”.
In our experience, many of our clients have come to us with their business finances in chaos and disarray. Are any of these familiar to you?
“We have unfiled returns from prior years. I’m tired of waiting for the IRS to catch up with us.”
“I’m nervous about what we will be facing when our tax return is prepared. Will we have a smiley face or a sad face when we get to the bottom line”?
“I’m afraid we missed opportunities to take advantage of tax credits.”
“I think we paid too little in estimated taxes.”
“I think we paid too much in estimated taxes.”
“We can’t afford a full time accountant or bookkeeper so we never know where we stand with taxes until our return is complete.”
If you have said any of these things, or are generally uncertain about where things stand, now is the time to act. The good news is that with some planning and the help of a qualified accounting professional, you don’t have to feel like this again.
Our clients have realized significant savings and a peace of mind coming to us for help. They have gained a strong sense of empowerment by implementing our recommendations for accounting best practices and our planning techniques for their businesses.
What’s more, because we can offer this experience and expertise to the extent your business requires, we are a cost-effective option for businesses who aren’t ready or can’t afford a full-time resource.