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!