It’s only January. There’s lots of time before you need to think about tax deductions and filing business taxes. Or, is there? Contacting your certified professional accountant in January is wise. It gives you time to consider and discuss all possible deductions. It gives your accountant time to maximize your deductions and minimize your taxes. Tax laws change constantly. Your accountant will stay abreast of changes and, if given adequate time, may find new tax credits you’re eligible to claim. The health of your business could depend upon it! Contacting your accountant in January has many advantages:
- Reduce stress: Last-minute tax preparations reduce potential tax planning and create unnecessary stress. Tax minimization requires careful preparation, planning and time. Do your business and yourself a favour and contact your accountant in January. Save yourself from stress and headaches by tackling the problem in advance.
- Keep your accountant informed: Your accountant can help mitigate losses and solidify successes. To provide these services, they need all the facts. Contact your CPA in January and let them know about any changes in your business (new product line, second location, switching of banks, equipment purchases, etc.) so that they can help plan for the future of your business.
- Manage cash flow: Cash flow problems can spiral out of control. Manage your cash flow problems by talking to your accountants. They can help you maintain a healthy cash flow all year.
- Keep a handle on growth: An professional accountant has experience handling both revenue growth and capacity growth. They can tell you if you need more customers or if you are unprepared to handle more clients. They can assist your business with financial advice and planning.
- Stay ahead of changes: Changes to regulations and tax codes are constantly occurring. To stay competitive and receive all possible benefits, you need the help of your accountant. They will ensure compliance with all tax changes.
- Handle transitions: Changes in your life (inheritance, marriage, divorce, new partners/investors) have accounting and tax implications. Your CPA can help you handle these transitions effectively.
- Ease budgeting for tax payments: Filing your tax return early gives you information on what you owe the government and an opportunity to plan a payment strategy for your tax bill.
- Ensure all items are included: Contacting your CPA in January gives you plenty of time to find important or misplaced records and receipts. No last-minute unpleasant surprises!
- Lower accountancy fees: Take advantage of the lower rates afforded by many professionals during off-peak months to save your bank balance and your stress levels.
Gather all of your business’s essential reports and documents in early January, every year. Include your previous year’s return to help pinpoint your past data and compare it to your present information. Contact your CPA and let them help properly prepare your tax return in a timely manner. By making an appointment to see your accountant in January, you can conquer one of your biggest challenges, filing your business tax return accurately and on time.
For all your tax needs contact Cook and Company Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, we can use our experience and expertise to make tax time a breeze. Contact us to request a meeting.