Tax Tip of the Week – “You owe $25,000 in taxes!!!”

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Tax planning “You owe $25,000 in taxes!!!”

Is the last thing you want to hear your accountant say on April 15th. With new tax law changes and failing to plan, your tax bill can easily equal $25,000 or more!!

Tax planning is the best way to avoid steep tax bills and heart stopping surprises. Every year, I have a few clients that are floored when they see how much they owe. The first question they ask is “Is there any way to get this down?” The truth is no! If we got all your information, that is it.

Tax planning before the end of the year is the only true way of lowering your tax. By evaluating your current standing, projecting sales to the end of the year and taking law changes into considerations, we can create a plan that can drastically lower your tax bill. I have been helping clients do this for over 30 years and have been able to save them thousands in taxes in a single tax year.

The three major benefits of tax planning are:

  1. Saving Money! With the current economy everyone needs to make sure they’re pinching every penny.
  2. Educate yourself on new law changes. As a business person, you need to know the current law changes in order to make the best financial decisions.
  3. Eliminating the element of surprise. If you know your financial standing before the tax deadline you can prepare and save money. Most business owners can come up with the cash if they have a six months warning. Finding out you need $25,000 in 5 days, doesn’t make anyone happy.

My experience has shown me, business owners who tax plan gain better insight into their business and current affairs. With this combination, they are able to make the best choices for them and their business. There are a lot of different factors that affect your bottom line and taxes are one of them. By taking the time to meet with me, you can easily put more money in your pockets, instead of forking it over to Uncle Sam.

This year I am setting a limited amount of appointments for tax planning and they are on a first come, first serve basis. Unfortunately, with my current work load, my time is very limited. But, I do want to help my clients who feel like they’ll benefit from tax planning. Call 915-857-8158 to schedule your appointment as soon as possible, to make sure to save a time slot.

I hope to hear from you soon.