Tax Time Doesn't Have To Be Stressful

How did Tax Time Go For You?

Now that April 15th has come and gone, ask yourself

"Could my return have gone better?"

If you can answer that question with an honest "NO", good for you! Unfortunately most, I fear, will answer "Yes". For those who are wishing their return had a different result, or was a much easier process, I invite you to ask yourself why you feel that way?

1) Did you prepare your return yourself?

2) Did your CPA, or tax professional have a difficult time with your tax records? Did those difficulties result in you filing an extension? Or paying a higher rate for your return?

3) Did you end up owing? Unexpectedly?

The most important question, WHAT ARE YOU GOING TO DO DIFFERENTLY FOR NEXT YEARS RETURN? Whether you are a business or an individual there are things you can do to make tax time less stressful, and limit surprises. 

1) Keep accurate, GAAP compliant records.

2) Know what your tax obligations are, throughout the year.

3) Ensure your with-holdings, or estimated payments are correct. 

That's a very basic list of what you need. 

Let's be honest, chances are you don't have the time or the knowledge to keep current with all that. Don't feel bad, of course you don't! You are busy running a business, or living your life. Focusing on the things you should be focused on! However, now you must take the time to think about, complete, or even learn these tasks. Boooo! I know. 

The most effective, simple, and yes cost effective solution is to hire someone to think about these things for you. Did you know having a year round professional could save you thousands! Yikes!

Don't run away now! Hiring a professional will benefit you, or your business in ways above and beyond tax season. A professional will be looking at your financials year round:

1) Helping you stay on track of financial obligations. Have you ever had a poor credit score, or know someone who has? It's not      pretty!

2) Keeps you current with tax obligations, so there is no surprises!

3) Increases your borrowing potential, due to accurate numbers that can be trusted. 

4) Can help you implement strategies to reach your goals. 

Now ask yourself "Do I want to deal with surprises, or be stressed again next year?".