Many CEOs, presidents and business owners make the mistake of talking to their tax accountant or CPA after the first of the year. As of January 1 of any New Year there’s really nothing you can do to minimize your previous year’s tax responsibilities. Now is the time to speak to your accountant or CPA. Ask for advice as to what you should do to minimize the yearly taxes for your business.
For example:
- Are there any additional business tax deductions to be considered?
- Is there a business tax strategy you need to change or think through?
There is often uncertainty about how taxes may impact your business on a local, state and federal level. In addition ask your tax accountant or CPA:
- How often throughout the year should you meet or check in with the tax accountant or CPA regarding your company’s tax situation?
By doing so, as a CEO, president or business owner, you will be able to keep up-to-date and be well informed about your company’s tax situation throughout the year. The last surprise you want is one regarding taxes, personal or business! Make this a standard business practice in your leadership role.
It only takes a short period of time to ask such questions of your business tax accountant or CPA. Don’t wait. Today is the day to make the phone call and set up an appointment either in person or by phone conference. When you do talk to your accountant, you may also want to include a specific discussion about your business plans and projections for the next quarter or beyond.
Although none of us know what the tax rates will be moving forward, it’s important to get your accountant’s advice and perspective on how to handle your taxes and expenses for the current time period. This allows your company to be more responsive to whatever lies ahead with the federal, state and local tax codes; as well as how they may affect your business.
Remember: Taxes are just part of running a business.
Don’t permit yourself to get emotional about the tax situation, whatever it may be, with your business. If you:
- Plan properly
- Meet regularly throughout the year with your accountant or CPA
- Stay aware of the changing tax rules and regulations
Then taxes will be something you just take care of like any other part of your business with no surprises.
To your success!
Howard Lewinter guides – focuses – advises CEOs, presidents and business owners throughout the United States to MORE success – MORE profit – less stress. Get MORE from your business! Talk business with Howard: 888-738-1855.