Time + Taxes Wait For No One
When we round the corner of the third quarter, it seems like hours turn into seconds and days into minutes. Why does the end of the year always seem to sneak up on us? The complexity in the answer to this question gets analyzed by cognitive psychologists, but there is truth to the perception of time going faster as we get older, at the end of our vacation, and, yes, at the end of the year. There are even tips to keep time from going so fast, like staying positive, not worrying or focusing on things that haven’t happened yet and trying to remain present in the now, but my advice as your accounting consultant is to act now! Get prepped for tax season by getting your books in order, reviewing your current tax strategy and planning ahead for the end of the 2019 season. Don’t let time slip away from you.
Tips To Kick Off Your 2019 Tax Strategy Action Plan Today
- Take a deep dive. With the first three quarters of the year complete, it’s a perfect time to take a deep dive into your books. Your accounting professional can help you identify miscoded transactions, mistakes and make recommendations for general housekeeping to get those books in order before you close the books on New Year’s Eve and then hand them over to your tax accountant in the spring. The importance of this effort can’t be discounted as mistakes in the books can not only cost you money but also leave your business exposed to risk.
- Bring out the fine-tooth comb. Reflecting on business performance, analyzing year over year financials and reviewing year-end projections are only a few of the extensive activities that are better done sooner than later. Getting true insight into your business’s performance and the trajectory it’s on toward the close of the year can be the key to helping you achieve your goals and optimize your tax liability.
- Analyze expenses. Checking in on expenses seems like an obvious exercise, but it’s surprising how many businesses don’t do it. Increases in credit card processing fees, unused subscriptions or tech tools that no longer serve your business can eat away at your bottom line.
- Fold your goals into your strategy. Again this might sound obvious, but your personal and/or business goals may not sync up with your financial profile. Of course, we want to minimize our tax liability, but it’s also important to show a financial statement that supports your future plans. If you are considering a significant purchase that requires a loan or are trying to attract investors, your accounting consultants can help ensure that your tax strategy and your books support those efforts.
For a lot of unrelated reasons, it’s a good idea to try to slow time down – if you can. But, even if you can’t make that happen, getting proactive with your tax strategy and the tax implications you might be facing next April is in order ASAP. No worries, the team at Agile Planners is here for you.
Schedule your Quickbooks deep dive with us today, and we’ll help you:
- Get caught up on any tasks that you’ve fallen behind on.
- Run reports and provide analysis to help you correct mistakes.
- Provide consultation on areas where you can make improvements.
- Ensure that your financials support the goals you have for your business.
- Prepare your books so they can be seamlessly handed over to your tax consultant next year.
- Provide ongoing support for Quickbooks tasks that are burdensome to you or your team.