The following 5 items are big reasons why everyone should plan for tax time! When the time to perform is now, the time for preperation is over.
1, The tax payer will not get a big refund and the tax payer will not be blind sided by big tax bill they didn't know about. Tax law changes every year, have an experience accountant on your side to help you through the changes.
2. The taxpayer will learn available credits to take & deductions to income for Federal & State. Hire an accountant that; as Dave Ramsey states, "Has the heart of a teacher." Don't do anything regarding money that you don't understand. Atleast have a basic understanding of your tax return should look like so you can spot anything out of the ordinary.
3. An IRS transcript will help those who have not kept good records. If you don't remember what you have filed in the past or maybe you want to know exactly what the IRS has on file on your Social Security Number. This is a good way to stay on top of your tax history and documents.
4. If you do a budget with your family at home, part of the budget is taxes paid. You need to know how much taxes you will pay in the comming days, months, years to have a full and complete personal budget.
5. The taxpayer and spouse will be working together as a team to knock this difficult part of their life out. They will help each other succeed as they do tax planning.
When you do tax planning I promise you, you will improve your personal financial wellness which will help with your marriage and other personal items in your life.
Small businesses will have a good internal controls which is mandatory to succeed. Here is an article from Dave Ramsey in regards to Small Business Tax Planning:
http://www.daveramsey.com/blog/focus-on-taxes-or-business-growth?ectid=10.20.6014
Please contact us if you want to do some tax planning at:
317-719-1674
cpawoodbury@gmail.com
Thank You.
