Mid-Year Tax and Accounting Business Check Up
Here we are in July and most of us are thinking about summer vacations, kids activities, and generally enjoying a slower pace of life. No one wants to think about tax or any accounting matters. But can your business really afford to be put on the back burner? If you think that postponing making decisions regarding your tax and accounting can wait – think again! The sooner you take action, the sooner you will see positive results. Here are a couple of ideas to think about:
You may need to switch business entities
So, you have been operating as a sole proprietor or a single member LLC for years. Your sales and net income have grown over the years. This year in particular, with our booming economy, your business just took off. You now find yourself in an enviable position where you are making money and you are happy that all your hard work is finally paying off. But don’t get too comfortable! It feels good now but come tax time, Uncle Sam is going to take a big bite. Now is the time for tax planning. It may benefit you to schedule a planning session with your CPA or tax accountant. You may be able to switch your current business entity to one where you can save thousands of dollars in taxes this year and in the future.
You want to expand your business
Your small business has been growing over years and now you are ready for more. If you are looking to hire more employees, expand your presence across the country or you want to make administrative changes, reach out to your CPA or tax accountant. The earlier you start, the smoother the process and the better the results. Perhaps you are looking to change your accounting system from Quickbooks to Xero, change payroll providers or hire a new CPA firm that would better fit your growing business. Now is the time to ask your friends and business associates for referrals to good CPAs and accounting firms. Contact multiple firms and see if you find one you connect with on all levels. Not all CPAs and accounting firms work the same way. Finding one that has the expertise and working style that match your needs will take time. Mid-year is a good time to start the process of finding the perfect CPA for your business.
At All The Right Numbers, our CPAs and business advisors can help you with all your small business and personal tax needs. We know that finding the right CPA firm is not a choice to be taken lightly. We offer free consultations to assess your needs. Book your appointment today!