For small business owners, taxes are something that can sometimes loom over them. Many people wait until deadlines to give their taxes the attention that they need. This can prove to be a mistake though. There is great value in continuing to prepare your taxes throughout the year rather than waiting until the final days to get them figured out. Mark Dicus & Company is here to talk about some of the benefits that come from preparing your taxes throughout the year instead.
Benefits of Ongoing Tax Planning
Taxes are something that never go away for small businesses. They are always in the back of every business owner’s mind. Here are some of the benefits that come from working on your taxes throughout the year without any breaks.
– Better Decision Making: You want to be able to make sound business decisions. Whether you are thinking about a merge, considering upgrading equipment, purchasing a new building for your business or more, you want to be able to make those decisions wisely. The best way to do that is to have a clear picture of your finances. When you are working on your taxes throughout the year, you will be able to do just that.
– Cash Flow Management: If you are blind sided with tax bills, it can be a huge disruption to your cash flow. Regular forecasting is part of year round tax planning. When you do this, it can help you understand what your tax liabilities are going to be so that you can plan for them.
– Tax Efficient Strategies: You may want to address some planning opportunities before the year-end deadlines. This might include retirement plan funds, charitable contributions and opportunities to time income or expenses. Most of these types of opportunities have a deadline of December 31st. You want to make sure you don’t miss them.
– Broaden Financial Goals: As a business owner, it is important that you always have financial goals that you’re working towards. Tax planning is an important part of financial planning. When you are planning throughout the year, you have plenty of time to consider all the areas of your business so that you can adjust and broaden your financial goals as you see fit.
Tax Planning Doesn’t Have to be Time Consuming
Before you feel overwhelmed at the thought of working on taxes throughout the year, remember that it doesn’t have to be that time consuming. A little effort will go a long way. Come up with a plan that will have check points in each quarter. It can help take the pressure off.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you are struggling with year round tax planning, you can turn to Mark Dicus & Company to help you prepare your taxes and handle your accounting needs. We will help your business reach its goals and grow. Let us help you find success. Call us today!