The deadline to file taxes are upon us, April 18th to be exact. People expecting a refund tend to file early. However, those who presume they will owe money to the IRS may wait until the filing date or get an extension. Reviewing your finances on a regular basis can prepare you for an unanticipated outcome so you are not caught off guard.
I want to implore you to start planning now for 2017 especially if you are a business owner or 1099 employee. We all know the saying by Benjamin Franklin “if you fail to plan you are planning to fail.” Waiting can prevent you from learning about tax strategies that can be advantageously exercised during the year helping you with potential deductions and write-offs.
Listen in on my conversation with Joye Sistrunk, CPA and Principal/Founder of Premier Group Services as she shares business planning tips that can help you throughout the year. She works with small to medium businesses, non-profit organizations, and government contractors assisting them with understanding the numbers on their financial statements and how to use them as a guide to making informed business decisions. Having your CPA as part of your board of advisors can help you navigate the tax consequences surrounding the implementation of your annual budget and strategic plan.