When it comes to taxes, end of year accounting is even more crucial as you not only review last years revenue and expenses, but the forethought on how to plan for the upcoming year as well. With this in mind, have you contacted your client’s to have this discussion way in advance? These are some of the key things you should be discussing with your client’s before year end tax season.
- Have they met their financial goals for the year, and if not, what do they need to put in place to meet them for the upcoming year?
- Take a look at their overall business expenses and decide what to keep and what to take away in order to keep their overhead down and more money in the bank.
- Let’s set up an appointment now to discuss next years taxes.
- Find out if they have a key system in place that can help them look at their overhead, expenses, employee/contractor costs.
- Discuss the differences between employee vs. contractor to ensure they are within the law.
- Find out new tax loopholes and issues that may either benefit or hinder your client’s so that you can plan accordingly.
- Get a system in place to make it easy for your client’s to schedule time to discuss tax issues with you.
Become an asset for your client’s by discussing the upcoming year 6 months in advance in order to plan accordingly. If you haven’t, maybe it’s time to get that appointment on the books to help you plan for a stellar tax year, with little to no surprises when tax time comes around for your client’s.
We hope you found this helpful in managing key milestones for your business owners as you help them through the muddy waters of taxes.
Demara has been in the tax industry, officially, for 30 years. While she is licensed and prepares a handful of tax returns each year, Demara’s specialty lies in Practice Management, marketing and operations. She runs the staff and the day-to-day operations in our office. Her passion is coaching other tax preparers, small business owners and entrepreneurs in organization, operations, systems and record keeping.