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!
For many companies, the past few years presented challenges that were difficult to overcome, and 2022 is no different. What can you do to not only maintain your productivity and profits but improve them as well?
Gonzalez & Arrambide, the Rio Grande Valley’s top financial planning firm, has virtual chief financial officers (CFOs) in Weslaco with the knowledge and skills to help your business accomplish these goals.
Set and Reach Strategic Goals
When it comes to your place in the market, a business must be fully cognizant of what its goals and other future plans are. Skilled certified public accountants and vCFOs are vital when an organization charts out its future, as they understand what opportunities exist in the market.
A CFO can provide invaluable advice on when and what to acquire or sell.
Acquire and Retain Talented Employees
With more and more employees on the hunt for careers that best suit their needs, some companies find it difficult to attract and retain the most talented candidates.
The vCFOs at Gonzalez & Arrambide offer key advice when it comes to talent retention and work to help reduce executive turnover. We analyze both the company’s goals and what desired employees look for in a job, merging the two to benefit everyone.
Help Budget and Manage Cash Flow Projections
The last thing an organization needs when it tries to excel is uncertainty, especially when it comes to cash flow projections.
Our vCFOs in Weslaco can:
- Analyze the state of your finances and current cash flow projections
- Craft a budget that works for the organization
- Ensure stability and health of the company’s cash flow
Virtual Chief Financial Officers in Weslaco: A Boon to Your Finances
As you can see, there are a number of ways that the certified public accountants and vCFOs at Gonzalez & Arrambide can improve your organization’s financial state. Get in contact today for help from expert virtual chief financial officers in Weslaco, TX.
If you wish to grow your company and improve your yearly finances, call the professionals at Gonzalez & Arrambide in the Rio Grande Valley who have virtual chief financial officers to help you meet your 2022 business goals!
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.
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!
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!
As we get closer to Tax Day, the more important it is to make sure you’re prepared to file everything correctly. It’s common to have questions around this time of year, so we’ve organized some additional notes on being ready for tax time.
Your Rio Grande Valley CPAs at Gonzalez and Arrambide want to ensure you feel ready when Tax Day finally comes.
Make a Decision on Filing Yourself or With a Tax Preparer
Depending on your financial situation, you will want to decide between filing your taxes on your own or with a professional. There are a few factors at play when you determine the best course of action:
- Do-It-Yourself Tax Filing – If you work a job that provides you with a W-2, don’t have any dependents, aren’t a homeowner, or your situation is overall uncomplicated, it is probably simpler and less expensive to file using a tax software.
- Get the Help of a Professional – Say you own a business and need to file personal and business tax returns or you’re married, working two to three jobs, with several dependents. It may be less of a headache to seek out a CPA for their skilled help.
Whatever your tax situation, the accountants in Weslaco at Gonzalez & Arrambide offer a FREE consultation. They can help you decide what’s best for you!
Check and Adjust Your W-4 Withholding
For people who work a straightforward W-2 career, every January your employer will request a completed W-4 form. This document will determine how much is withheld from your paycheck, based on:
- Overall Tax Situation
- Household Status
- Number of Dependents Claimed
- Other Adjustments Like Additional Deductions or Income
You can see yourself if you’re withholding too much or too little by comparing two fiscal years’ returns. If the financial situation was overall the same, a large refund could mean withholding too much. However, if you owe the IRS money, not enough money may have been withheld.
Decide if Filing an Extension Is Right for You
“What happens if unexpected problems arise this month?”
If you want to err on the side of caution, think about filing an extension, which, if approved, would give you until October 2022 to complete the tax filing process. Keep in mind that while filing the extension costs nothing, you could incur additional interest on what you owe.
Even if you’re fairly certain everything will go smoothly, an extension can never hurt as it allows for extra time to make sure everything is correct. To actually file the extension, you or your tax preparer will need to fill out IRS Form 4868.
Get the Best Tax Advice from the Rio Grande Valley CPAs at Gonzalez & Arrambide
Regardless of your financial situation, it can be helpful and reassuring to seek the support of tax professionals. That’s why the Weslaco certified public accountants at Gonzalez & Arrambide offer a FREE consultation. We want to make sure you’re both knowledgeable about and ready for tax season!
Don’t stress over questions anymore! Contact the accountants in Weslaco at Gonzalez & Arrambide for a FREE consultation now!