All Posts tagged Best Tax Advice

The Most Important Tax Deadlines for 2023

The Most Important Tax Deadlines for 2023

As we move further into the year, important tax deadlines are starting to come up, so it’s crucial that you and/or your business are prepared. If these deadlines are missed, it can result in a number of public or private financial problems, which no one wants to have to deal with.

To avoid any of these issues, your best option for tax preparation is to utilize the help of a licensed tax professional, such as a CPA. Financial experts like tax accountants can help ensure there are no hiccups when an important tax deadline approaches. They can analyze your current finances, help you gather the proper documents, and make sure you stay in the IRS’ good graces.

The tax professionals at Gonzalez & Arrambide are able to help with all of these things and more! When it comes to tax preparation, we have the answers and resources you need.

Read on to learn more about upcoming deadlines or go ahead and reach out to the tax accountants at Gonzalez & Arrambide in the Rio Grande Valley.

Upcoming Tax Deadlines for 2023

Though the first few months of the year have passed, there are still plenty of upcoming tax deadlines to still be aware of and plan for. The following is a basic breakdown of the most important 2023 tax deadline dates:

  • April 18th, 2023 – Deadline to File 2022 Tax Returns and Make First Quarter 2023 Estimated Payment

Individuals and businesses must file their 2022 tax returns by this date, unless an extension is granted. This is also individuals’ last opportunity to make contributions to their IRA and/or HSA. Furthermore, individuals who file quarterly will need to make their first estimated payment, which covers January through March of 2023. Tools like our 1040 tax calculator can help!

  • June 15th, 2023 – Deadline to Make Second Quarter 2023 Estimated Payment

As mentioned above, individuals who file quarterly will need to make their second payment. This round covers the months of April through May.

  • September 15th, 2023 – Deadline to Make Third Quarter 2023 Estimated Payment

Individuals who file quarterly will need to make their third payment. This payment covers the range of June through August.

  • October 16th, 2023 – Deadline to File 2022 Tax Returns (With Extension)

For individuals and businesses who needed to file an extension for whatever reason, this is the final deadline to file your 2022 tax returns. We understand that it can get stressful at the end of the year, so plan accordingly if you have to file an extension!

Be Prepared This Year With Help from Gonzalez & Arrambide 

As you can see, there are still quite a few tax deadlines to come, which makes it all the more important to get prepared now. Gonzalez & Arrambide can help you ensure that you or your business are ready to file taxes every step of the way this year. 

We have tax resources on our website and licensed tax accountants are just a click away!

As IRS deadlines continue to come due throughout the year, it’s crucial that you file your or your business’ taxes correctly and at the right time. Gonzalez & Arrambide has CPAs and other tax accounting professionals who can help make sure you’re prepared this year!

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When Should You See Your Weslaco Accountant (And Why It’s Right Now)

When Should You See Your Weslaco Accountant (And Why It’s Right Now)

Most individuals don’t think about their taxes until April. Even businesses fall into this trap with their own situations, which can lead to a rush in late March or early April to gather documentation and submit your taxes. 

All of this gets pushed to a certified public accountant who won’t have time to find all the tax breaks you could benefit from.

If you only visit your accountant once a year, you’ll be missing out on tax breaks and giving yourself more stress. Seeing them more often can save you money and help you plan for the future.

Prevent Future Surprises With Consistent Check-ins

If you only see your accountant when you need your personal or business taxes done, you may miss out on valuable tax breaks. You may also be blindsided by how much you need to pay. 

To prevent future surprises, the best thing to do is to check in with your certified public accountant regularly.

The absolute minimum is twice a year. If you contact them every six months, they’ll have a heads up on your situation and can more accurately estimate how much you’ll owe in taxes. This makes it much simpler to plan for the expense and have funds in place. 

If your business is experiencing a lot of growth or major changes, like a new location, you’ll want to contact your accountant every month or so. Once a quarter is a good compromise if you’re not sure how much things may change over the year. 

Plan for Tax Time and the Future

Your accountant can help make sure all your documents are in order for tax season. Giving them more time can help ensure you get more breaks and that any problems are spotted early. 

You can also take any advice they have for the financial future of your business. If you handle all your accounting tasks and daily operations, these check-ins can help guide you to the best practices for your business. 

Save Time and Stress

Gathering up all your tax documents right during April can stress you out. You need to spend time finding your documentation on the double. However, if you prepare early, you can avoid the hecticness and stress that come with late planning.

If something doesn’t add up, your accountant can also help you avoid the stress of a tax audit. Having that extra time to prepare will give you more breathing room.

See Your Accountant in January

Getting on top of your new year accounting can help you in the long run. You’ll be able to get a better idea of the taxes you owe and will still have plenty of time to prepare. 

Your accountant will also have an easier time going through your records for the last year. You can also ask for advice on how to plan for the upcoming year to keep your business thriving. 

Let Gonzalez & Arrambide Help Your Business Grow

Make your January accounting tasks a priority and get your ducks in a row instead of sweating to meet deadlines. Gonzalez & Arrambide, Inc., can help you with tax preparation along with your financial needs during the rest of the year. 

Don’t wait until April to find an accountant — contact us today!

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Tax Tips for Individuals and Businesses in the Rio Grande Valley

Tax Tips for Individuals and Businesses in the Rio Grande Valley

As the year comes to a close, the thing on most people’s minds are the upcoming holiday festivities and all the family, food, and fun that come with them.

However, did you know that this is also a good time to employ some basic tax strategies to minimize tax expenditures and maximize your benefits?

At Gonzalez & Arrambide, we like to help the joy roll into the new year and on! Our team of talented Weslaco CPAs and vCFOs can show both individuals and businesses the best tips to improve your financial circumstances come tax time.

Tax Advice for Individuals

  • Make a Charitable Donation – Contributions to charity allow for beneficial tax write-offs. Remember, cash contributions must be documented and additional forms may be required if property or vehicles are donated.
  • Contribute to Your Retirement Account – Leverage retirement account savings as making payments to it now offers reductions in taxable income.
  • Additional Tips – If you accelerate deductions and defer income, it will pay off come tax time. Also, consider withholding from your salary if in danger of penalties.

Tax Advice for Businesses

  • Add Family to Payroll – As long as you work within the specified rules and regulations, this strategy can work out for your family and business.
  • Make a ROTH Conversion – This move allows you to pay taxes at a lower rate now without paying future taxes on withdrawals.
  • More Strategies – We recommend that you push income to the following year while you expedite expenses for the current year. Also, file any necessary articles, and implement a 401(k) plan before the end of the year.

Let Weslaco CPAs Gonzalez & Arrambide Provide the Tips You Need

Regardless of the time of year, the skilled certified public accountants and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley can offer expert tax advice!

There’s no time of year that’s more stressful financially than tax time, so be sure to prepare now with the expert Weslaco CPAs and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley!

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What Comes After Tax Season for Weslaco CPAs?

What Comes After Tax Season for Weslaco CPAs?

While it’s undeniable that Tax Day is one of the most important days of the year for accounting firms, virtual chief financial officers in Weslaco can offer business owners help long after it’s over. If you are wondering how certified public accountants can come in handy after Tax Day, the team at Gonzalez and Arrambide is here to shed light on the topic.

Continue to read and learn all the ways virtual chief financial officers in the Rio Grande Valley can be utilized by businesses all year long!

A Litany of Financial Resources 

One of the most beneficial qualities of virtual chief financial officers in Weslaco is that they have a variety of skills and knowledge that can be applied to a broad range of situations: 

  • Financial Advising – One of a CPA’s best talents is their ability to expertly analyze cost efficiency, helping to maximize profits and minimize costs in the process. Many CPAs specialize in certain niches including strategic planning, market forecasting, forensic accounting, and other areas.
  • General Consultation – Certified public accountants can also be hired by companies for comprehensive accounting and consultation purposes. CPAs are able to assist with bookkeeping and payroll duties, address issues with quarterly findings, and make tax season much less stressful for the company.

File Extensions and Prioritize Internal Operations

While Tax Day is a certified public accountant’s biggest day of the year, the work hardly ends there. Not only do some firms need more time to file for the current year, but they may also have a variety of year-round reports that need to be completed.

Virtual chief financial officers can support your organization with: 

  • Extensions After April 15th – Many companies need to file for extensions for various reasons, which means tax season goes past April. In addition to handling the added stress of an extension, virtual chief financial officers in Weslaco can help employers avoid the need to file extensions in the future.
  • Addressing Audits and Other Reports – In the tax “off-season,” there are still many functions a Weslaco CPA can serve. These include filing missed returns for previous years, preparing financial statements, and even dealing with audits by the IRS.

Continuous Education

In all industries, it’s important to learn and adapt to changes in the financial world, and the same is true for accounting firms both public and private. Weslaco CPAs have a lot to offer when it comes to furthering the education of individual companies. For example, certified public accountants can:

  • Provide Quickbooks training
  • Teach classes in Microsoft Office
  • Give seminars on tax preparation, forecasting, and other topics

A lot more goes on day-to-day in an accounting firm than just preparing for April 15th, and the decision to have a vCFO on staff can have incredible benefits.

It’s Wise to Hire a Virtual Chief Financial Officer in the Rio Grande Valley

While tax day is one of the main focuses of all accounting firms, there’s no doubt that the help of certified public accountants can be beneficial year-round. Gonzalez and Arrambide boast a team of highly-trained Weslaco CPAs and virtual chief financial officers in Weslaco.

If you are in need of post-tax season help, look no further than the certified public accountants at Gonzalez and Arrambide in the Rio Grande Valley!

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Why Hiring a Weslaco CPA May Be the Right Choice for You

Why Hiring a Weslaco CPA May Be the Right Choice for You

Tax Day is nearly here, so it’s absolutely important to understand your current financial situation. But perhaps even more important is knowing when the help of a certified public accountant can relieve financial burdens and possibly save you money in the long run.

The Rio Grande Valley accountants at Gonzalez & Arrambide want to help you understand why you should seek the help of a tax professional with this helpful guide!

More Complex Situations Call For a More In-Depth Review

Though not always the case, a general rule of thumb is that the more complicated your financial situation, the more likely a tax professional’s guidance will benefit you. 

There are quite a few situations in which you’d be better off seeking the support of a Weslaco CPA: 

  • Self-Employment – If you own a business or work freelance, then there’s no employer to withhold taxes from your “paycheck.” It’s easy to get confused by tax details when you’ve got a business to run or contracts to complete, so working with a professional is best. Owning rental properties often falls under this umbrella as well.
  • International Income, Investments, or Bank Accounts – With increased requirements and much stiffer penalties, foreign financial assets and investments can be a nightmare come tax season. Let a professional take over in these situations.
  • Major Life Change – Big events in our lives affect every aspect of them, including our financials. Marriage, divorce, having a child, and buying or selling a home are just some major life events that could alter your filing status.

Mistakes Happen, As Do Audits

Mistakes can happen at any time, including when doing your taxes. If you aren’t a professional or well-informed, trying to do your own taxes can be overwhelming.   

Sometimes an innocent filing mistake can lead to serious consequences, like an audit, which is when you will definitely need the support of a certified public accountant.

Regardless if you recognized your own error after filing, or the IRS did, it can’t hurt to have an expert on your side when things seem their most difficult. A tax professional may even be able to catch a mistake made by the IRS, saving you time and money.

Keep More Money in Your Pocket

You might ask yourself, “How will spending additional money on a tax professional save money?” While it may seem contradictory, the advice of a tax pro can be an incredible financial boone to your situation.

Certified public accountants, such as those at Gonzalez & Arrambide, act as a microscope for your financial circumstances and analyze every aspect. This way, they can optimize the way you run your business, make investments, or perform other complex financial activities.

At the end of the year, you may be surprised to see that you’ve been over-paying and are now saving money thanks to the help of a professional!

Reach Out to the Top Rio Grande Valley Accountants Today

As you can see, there are a number of factors that can complicate your financial circumstances. That’s why the Weslaco CPAs at Gonzalez & Arrambide are here to lessen your financial burden, save you money, and strategize in time for tax season this year!

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