Tax time can be a stress filled time of the year for everyone. For both business owners and individuals alike, the race is on to file on time and accurately, to maximize deductions and to minimize penalties. The slightest mistake on tax forms can cause a company to lose out on valuable deductions, and being late by a week can add up in interest. Whether it is business taxes, personal taxes, or both, between January and April, everyone is pressed for time, trying to get all their paperwork in order to meet that April 15th deadline. After everything is filed, all that needs to be done is to wait and see if everything goes through as planned. By the time September rolls around, often the last thing on peoples’ minds is sitting down with their Tampa CPA and reviewing their tax plan for next year.
With no deadlines looming, September is the perfect time to do a financial performance review with your Tampa CPA. With the details from last year’s returns, including any missed opportunities and prior losses, fresh in mind, it can be beneficial for everyone to start thinking now about what they want for next year’s taxes. For both business owners and individuals, starting the tax planning process in the fall works greatly to their advantage in the spring.
Having regular quarterly consultations with your Tampa CPA can benefit any business. From planning for any potential tax issues that may come up, to doing a financial check up and ensuring your business is on the right track, to doing tax research on your behalf, so that you and your business can maximize your after-tax income. A consultation ahead of time can help you plot your course for next year.
And even if the taxes that need to be planned are strictly personal taxes, a consultation with a Tampa CPA months ahead of time, can yield great results. From income splitting to maximizing family and household deductions, being proactive with tax planning can pay off for individuals. CPA’s can help structure your cash flow to help you pay for things such as vacation homes, education, and discovering which investments are best for you.
And, if you are in the market for a new Tampa CPA, now is the best time to look. As many offer free consultations, you can shop around and see which one meets your business, personal, or family’s needs, without the rush or pressure that comes from looking at tax time. You will have the opportunity to review their credentials ahead of time and ask around and determine which CPA you chose to hire. The right CPA is as crucial to your financial health as a doctor is to your physical wellbeing.
Tax time doesn’t need to be stressful. Sitting down with a Tampa CPA now, in September, rather than waiting until March or April, can benefit anyone. With no deadlines looming and no pressure to file on time, individuals and business owners alike can take the time to make the right decisions for their specific needs.