Today we’re posing five scary tax questions to help you gauge whether or not you’ll be ready to file taxes in 2018. While many business owners and entrepreneurs don’t start thinking about taxes until January 1st, we’re encouraging you to kick ‘tax season’ off on November 1st. Why? Because there are still two whole months for you to make strategic decisions that will impact your tax liability when it comes time to file in 2018.
At Accountfully, we challenge business owners to assume a year round tax strategy. This simplifies the filing process and reduces the stress that often surrounds taxes. If the following questions are foreign concepts, let us know. We’d be happy to help you adopt a more progressive tax strategy. Small business taxes don't have to be scary when you have the support of a team.
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Do you know what your estimated taxes are through the year and are you monitoring net income to make sure you can pay off liabilities you’ll be responsible for?
Do you understand how being a cash based business versus an accrual based business can affect your tax liability
Are you taking advantage of all available tax credits that are out there?
Do you know how to take advantage of putting money in a retirement account?
Do you know if you’ve successfully accounted for all sources of income and documented them appropriately?
If these questions are causing panic, we suggest you reconsider your current bookkeeper or accountant relationship and ask yourself whether you’re getting proactive bookkeeping services along with regular financial expertise that will help you be a better and more informed business owner. Curious if Accountfully might be an answer to your accounting needs?
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