Tax planning? Now? But it’s not even close to tax season!
Are you on target for a successful 2021 tax season? By the end of Q3, all our clients (more than 600!) know where they stand for the coming tax season. Then we work on ways for them to donate less money to Uncle Sam.
Here at Paar Melis, we begin tax planning with our clients as early as June or July for the following year. Why? Because we can gauge pretty accurately what they will owe, and then we have time to work on ways to minimize that amount. Creating an early game plan ensures there are no surprises come tax season.
Waiting to have these conversations until Q4 is too late. Our tax team has some up close and personal discussions with our clients, going through a lot of information. This is advantageous for shop owners to see and have it laid all out in front of them. Then the tax team will recommend several options to minimize any tax liability – but that needs to be prepared for because those things take time to happen!
Owing a lot in taxes is not necessarily a bad thing as long as it is planned for. Generally, the more you owe, the more money you made – you can’t control that. What you CAN control is putting yourself in a position to know and plan for these expenses.
Watch Reed and Chris, our tax manager, go into this a little more here: https://youtu.be/3FlsiCcHREI
Also, check out our blog page for past posts regarding tax info and changes: https://paarmelis.com/blogs/
