The March 15th Tax Deadline has passed, How Did it Go for You?

The corporate tax deadline was March 15th and I know you are either relived because it’s done or you passed the buck until September 15th.

Do you experience the same issues every year? You can’t find your documents, owe a large tax bill, missed claiming deductions? 

As Einstein said 

“Doing the same thing over and over expecting different results is insanity.” 

Tax planning can help you avoid all of that.

Here are some key things you can do to stay organized and make the 2015 tax season a breeze:

Think about taxes all year long. Business owners should not treat taxes as a once-a-year event, tax planning should be a year-round activity. Waiting until the last minute makes tax preparation more complicated, and it limits your money-saving options.

Hire a pro. A certified public accountant can identify tax breaks and deductions you might otherwise miss.

Keep your documents accessible. It’s important to incorporate a system for organizing all of the receipts and paperwork you’ll need for filing your taxes or to provide to your CPA. For most people, organizing documents and receipts isn’t the most fun aspect of being a business owner. However, you can simplify your life if you implement a system that works for you.

Claim any eligible deductions. Look ahead to potential deductions and credits you may want to take advantage of at tax time. For example, rather than struggle to come up with the capital to make a large charitable donation in December, divide your obligations and pay a portion each month.

Don't make assumptions. Never make business decisions assuming that tax breaks will pass.

Prepare for the future of the business. Every business owner should review his or her succession and estate plan on an annual basis, and tax season can serve as an easy reminder of this important task. If you haven’t yet considered a succession plan, starting the planning journey early will enable you to drive the exit process.

Implementing the right tools and processes will not only help you survive tax time, but can provide a competitive edge and get you back to doing what you love. Give us a call today at (301) 577-6444 and schedule your FREE 30 minute consultation and allow Premier Group to be “Accounting for Your Success.”

Source Joye Sistrunk