While tax day here in the United States is not until April 15, if you own a business and you intend to follow the rules, you’ve already started scrambling.
1099’s were due to your independent contractors February 1, and if you are filing an S or C-Corp tax return, it’s due March 15, and then of course personal returns are due April 15.
That means you should have everything to your bookkeeper and tax advisor right around now.
If you don’t, or you are feeling stressed about the whole tax time scenario, here’s where we can help.
1. Get set up with a great bookkeeping team that can meet with you each month to categorize your expenses so you aren’t scrambling to do that at year end or the start of a new year when you should be focusing on business growth;
2. Ensure that your bookkeeping team never pays anyone more than $600 for the year without collecting a W-9 and then you won’t have to hustle at the beginning of the year to track down the people you paid so you can send them 1099’s;
3. Meet with your tax adviser during the fourth quarter so you can make wise decisions about your income and expenses (we can attend this meeting with you so you ask all the right questions and so we can support in execution of the strategy), and if you’ve been having monthly bookkeeping meetings with your bookkeeper each month, your bookkeeper can submit your books to your tax adviser in early January to prepare your return.
4. Review your return no later than mid-February so you have time to look for anything that seems off before you sign.
Preparing for taxes doesn’t have to be difficult, if you have good “financial hygiene” practices throughout the year. If you don’t, make this the year you get them set up. If you are ready to do so, start by sitting down with us. As your lawyer, we can help you identify your needs and wisely choose a bookkeeper and tax adviser who will make tax time a breeze for you so you can stay focused on innovation, income and creating a great product or service for your clients and customers.
This article is a service of Kundani & Chang LLP. We are an award-winning law firm that specializes in business and estate planning for clients like you. The goal for every family is to stay educated on all topics like this, avoid probate, avoid estate taxes, and build a legacy for you and your loved ones. What sets our firm apart is that we build lasting, lifelong relationships with our clients. They rely on us to keep them updated, provide sound legal counsel, and be there for them immediately if any problems should ever arise. The best part is we don’t charge hourly fees to our families, so you never have to worry about speaking to us. If you’re ready to keep your family out of Court, contact us today to schedule an initial consultation or visit our website at www.bridgelawllp.com.