It is Tax day today, which means you need to file your income taxes or an extension with estimated payment today. Over the years, while being an independent contractor, I was one of those that waited for the last minute to file and pay. “Better in my pocket, then Uncle Sam’s” I would say.
That does seem to ring through, but now that I work for an accounting firm, I wish I could do it differently. See, I waited to give my accountant my information until late March or early April. What I should have done, it gotten my information to her as soon as I had everything and held on to the final tax return until Tax Day.
I guess I knew, but did not realize that I was not my accountant’s only client. Most accountants have over 100 clients (some 1000) and work on thousands of returns. All the returns require information be given to them to not only enter, but to review so you are not paying too much or too little!
Accountants go crazy during tax season, because there is a lot more for them to have to do, but we also add to that craziness by not giving them the information early and complete.
Individuals should contact their accountant in November of the tax year and do a quick review of the year. The accountant can give some great information to help with any tax burdens before the year is out. Get all your information to the accountant by the end of February (the latest) to give your accountant plenty of time to complete. Don’t worry if it gets done too soon and you owe, you don’t need to pay until Tax Day.
Business owners should meet with your accountant throughout the year, not just at tax time. There are many tax ramifications in your personal and business that an accountant should review your financials at least quarterly, but even better, monthly.
Beside the tax issues, you should review your Financials Statements to compare how your business is doing. Meet with a consultant and figure out ways to increase revenue and decrease expenses. Sometime you can increase profit with increase revenue.
Luckily you know an accounting firm that can help…
That does seem to ring through, but now that I work for an accounting firm, I wish I could do it differently. See, I waited to give my accountant my information until late March or early April. What I should have done, it gotten my information to her as soon as I had everything and held on to the final tax return until Tax Day.
I guess I knew, but did not realize that I was not my accountant’s only client. Most accountants have over 100 clients (some 1000) and work on thousands of returns. All the returns require information be given to them to not only enter, but to review so you are not paying too much or too little!
Accountants go crazy during tax season, because there is a lot more for them to have to do, but we also add to that craziness by not giving them the information early and complete.
Individuals should contact their accountant in November of the tax year and do a quick review of the year. The accountant can give some great information to help with any tax burdens before the year is out. Get all your information to the accountant by the end of February (the latest) to give your accountant plenty of time to complete. Don’t worry if it gets done too soon and you owe, you don’t need to pay until Tax Day.
Business owners should meet with your accountant throughout the year, not just at tax time. There are many tax ramifications in your personal and business that an accountant should review your financials at least quarterly, but even better, monthly.
Beside the tax issues, you should review your Financials Statements to compare how your business is doing. Meet with a consultant and figure out ways to increase revenue and decrease expenses. Sometime you can increase profit with increase revenue.
Luckily you know an accounting firm that can help…
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