08/06/2022
Now is the time to make smart financial and tax decisions.
NOT December 31st or April 15th🗓️.
By then it's usually too late to make huge impact on your year🔨
As a busy business owner, I know you are busy taking care of the your business, staff, and your own family🚸👨👩👧👧
I know that you don't want to fall behind on keeping up with your books and paying attention to your tax situation
But it happens and before you know it, you look up and it's the deadline all over again🤦🏾♀️
Now, I'm sure some of you are thinking...
"I have plenty time. It's only August"🤷🏾♀️
So these next 5 months will fly by before you know it.
And some of you are already behind the 8 ball for these last 8 months🎱
Business owners know how to make things happen. We always do.
But many times we overestimate just how much we can make happen within the time we have.
And we are often surprised by how much we can do in a year...
especially if we have a PLAN for it😲
I want to see you make your NEXT tax season your BEST tax season so here are 3 steps you can take THIS MONTH that will drastically improve your situation 5 months from now.
1️⃣ Get organized. Get an electronic filing system. Make sure you have W9s for all of your contractors and that all of the places that owe you 1099s have your current mailing address.
2️⃣ Straighten out your system for making purchases and recording your transactions. Don't miss out on deductions at tax preparation time simply because you didn't have a system in place.
3️⃣ Schedule a financial check up with your Accountant. Take the pulse on your business and see what your liability looks like so far and if you need to make estimated payments.
Here's another free tip: If you are looking for a way to decrease your tax liability this year, speak with your Accountant about maximizing your tax savings with a traditional IRA. Ask if that is appropriate for YOUR situation.
And if you know you are going to have to pay more this year...
Take inventory and see if there is an opportunity to invest back into your company and decrease your tax liability
If you do not currently have an Accountant to handle your books, this might be a good time to think about making the investment to add an expert to your money team👩🏾💻
It's one of the easiest and safest ways to get a return on your investment and it is tax deductible!
If you are seeing an increase in profits this year, plan for it!
If you feel your company is experiencing less profit than usual and you need help to prepare for that C K LaGrand Accounting & Tax Solutions, LLC has you covered!
Feel free to comment below or message me privately to get more information on how you could improve your finances, decrease your taxes and even increase your profit margins!
