Saving money on taxes might be the most common question that a business owner has for their tax professional. But really, as a business owner, you should be asking how you can make the most of the current tax code, as it is written, and ensure your maximum refund. Unfortunately, most business owners are so busy running their business that they do not have the time or the energy to read the tax code. That’s where your Trusted Advisor and CPA should come in.
The IRS tax code is complex and lengthy, so things can be missed and money can be left on the table. However, having someone you can trust assist you throughout the entire process can make the process more seamless and easier to understand. Business owners can do three key items to help safeguard that they are in the best tax position they can be before tax time:
- Record Keeping: Keeping accurate records of transactions like income and expenses will help during tax season. And, if the IRS audits you, then having complete records will make everything run smoother. Having accurate records can help when your tax professional asks you for year-end information to include, but not limited to, purchase information and year-end balances.
- Bookkeeping: Keeping your bookkeeping up to date is helpful when a business owner wants to view how the business is performing, in the event you need a loan, and when it comes time to sell. Using software like Quickbooks helps capture every transaction that comes in and out of your business account.
- Advisor / Consultant: Connecting with a tax professional that you can build a long-lasting, mutually profitable partnering alliance is by far the most important thing a business owner can do. Together with better guidance, the business owner can make smarter decisions.
When it comes to saving money on taxes, there are many things that a business owner can do to “save” money. The first step in that process is connecting with a tax professional. From there, you can create a plan of action to set your business up for success.
At Abacus CPAs, our focus is you! We believe that our employees and clients deserve to interact in an environment that fosters growth, trust, and confidence. Our team focuses on tax, accounting, audit, and business consulting to partner with you and your business. Abacus professionals provide leadership by relentlessly pursuing the best guidance possible so those we serve can make smarter decisions.
You can learn more about the topic in this blog by contacting us. We are here and happy to help! Call us today at 417-823-7171, find us on Facebook, LinkedIn, and Twitter, or visit our website www.abacuscpas.com to learn more.