The April tax deadline is looming. If you haven’t filed your taxes yet, you may be debating whether to hire a CPA or do them yourself. If you do decide to engage a professional, must they be a CPA? Knowing when the time is right to bring in a CPA can help you run your business more successfully. So… when do you need to hire a CPA for tax preparation?
Three kinds of taxpayers are doing their taxes incorrectly: those who are waiting for a refund, those who are dreading doing their taxes, afraid of owing as much as they did in the prior year, and those who have actually haven't got a clue as to what their taxes will look like once the dust settles. What they all have in common is insufficient planning, and each of them should take time to sit down with a Certified Public Accountant (CPA) and start planning for next year - because good tax planning never leaves money on the table.
The past few years have seen some dramatic changes in workplaces across all industries. For example, the move toward fewer in-person visits to accountants began even before health concerns curtailed or eliminated nearly all interactions at every office. However, clients can take comfort that they still have the option of being able to meet "face-to-face" with their accountant on Zoom or any of the other video conferencing apps. This adjustment to a virtual relationship has raised concerns in some areas but has eased many other aspects of accounting. Let’s explore the question of whether a virtual meeting with your accountant is as effective as a meeting in person.
The end of the year has always been one of the most hectic times for business owners. Moving forward into the new year, it's always a good exercise to thoroughly assess your financials and your tax options, enabling you to get a realistic picture of how the business performed - and what changes you might want to implement for future growth - in other words, preparing your business for 2023.
Perhaps you’ve received a letter from the IRS recently and have been informed that they’re beginning the collection process of delinquent tax liability debts and that you are one of those debtors. On the other hand, perhaps you haven’t gotten a letter, but anticipate getting one soon, now that the IRS has resumed collections after the COVID-related pause of last year. Remember, they can go back for ten years to collect from past-due income tax filings. Knowing that you owe a large sum of delinquent back taxes without realizing precisely what can or will happen next could be keeping you up at night.
Most business owners are familiar with financial planning. It makes sense to formulate a vision for your personal or company goals and how to achieve them. Financial planning deals with how resources are acquired and leveraged to reach those goals. Strategic tax planning, though different, is just as important. Strategic tax planning should go hand-in-hand with financial planning.
The end of one year and the beginning of the next should always prompt small business owners to think about their business resolutions for the coming year. This is true for 2021 more than any other recent year, after enduring what 2020 brought. These six resolutions not only apply to most small businesses for the coming year but are useful for years to come.
The world of business has changed in ways that were unimaginable just a few months ago. The change has been coming for a long time. Still, with the recent pandemic, quick advances in the virtual office, sales, meetings, customer service, and other aspects of doing business have been thrust upon large and small companies alike throughout the globe. While this brought many technical and procedural challenges, it’s also changed the nature of business overhead costs.
You want your business to thrive, so you’re considering hiring a small business advisor. Before you dive in, you want to make sure that a business consultant will help your business. There are many ways that consultants help companies thrive. Here are four of them: