Well, the countdown is REALLY on now for personal taxes and if you’re like too many Americans, you might be stressed about what effects COVID and a slow 2020 might have had on your taxes.
The truth is simple:
a lot of people got a lot of benefits from the government, and while
that might scare you with the idea you’ll be “on the hook” for income you
didn’t plan on, you really shouldn’t worry about it.
Why?
In the grand scheme of things, the truth is, anything you
received last year – from the PPP, various stimulus payments, and so on – was a
fluke that you couldn’t plan for.
In other words, don’t sweat it.
What I really want you to do is this: determine the things that happened last year
that always seem to happen – at least in terms of taxes, timing, and payments –
and let’s plan for them in 2021.
Seriously! We see the
same things sooo many times with entrepreneurs.
Poor planning in respect to growth, little or no thought being given to
partnerships or distributions, men and women who refuse to pay themselves a
salary and keep taking money from the company in ways that wave red flags, and
TONS of account mixing with no documentation as to where monies originate and
where they move to.
If this sounds like you, then my advice is simple, and I’m
begging you to take it:
Let’s get together and create the bookkeeping and accounting
systems and processes that will make life easier and far more cost effective
for you from both a tax preparation and monthly bookkeeping perspective.
Seriously!
Now, I completely understand that the total amount of work
needed to handle a year’s worth of business accounting might seem the same
regardless of whether you do it in one dramatic flurry of activity in the
Spring or you dedicate time each week or month to handle it.
…But the truth is, the amount of time needed is considerably
longer if you wait.
By handling taxes and bookkeeping duties monthly, you limit
the amount of accounts and statements you could possibly have to look at, so the
chances of making a mistake are far lower, and the sheer volume of entries to
do is far less.
As a result, you and your team can keep things organized and
easier by eating the elephant one bite at a time instead of trying to do far
too much too late.
If you’re sick of scrambling and tired of paying too much,
then TODAY is the day to make time to get organized and set up your systems for
2021. You’ll be faster, more accurate,
and likely spend far less money to have better results.
Go ahead and schedule a call for us to see how easily you
can create systems to make life easier!
IMPORTANT: Our firm specializes in tax resolution. We serve clients virtually so don't hesitate to reach out. If you want an expert tax resolution specialist who knows how to navigate the IRS maze, reach out to our firm, so we can schedule a confidential consultation to explain options to permanently resolve your tax problem Make an appointment here! Or, call Toll-free 1-855-254-1892.
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