We're more than half way through 2014: Exactly where does your business stand in relations to taxes?
Last week, a client of mine had an awful revelation when I finalized his tax form and brought to light he owed a lot of money to the IRS. His initial response was to be mad at the ambassador. Even so, upon careful reflection, he declared, "Well, I should have come to see you last year when my new product took off the way it did. I knew I was making a lot more money.".
He's correct. Every time there is a sizable shift to your business's bottom line (in either red or black), it's time for a visit to your tax pro. In fact, everyone who operates a small business should take advantage of the mid-year off period to sit down with a tax expert to examine their financial statements as well as potential tax liabilities.
It's much easier to plan and put a strategy in place today than to run around at year end upending pails of water on all the small fires that have been brewing all year.
Here are some suggestions to explore with your tax pro to strengthen your tax situation and preferably keep working capital in your bank account rather than in Uncle Sam's pocket:.