Tax season can be a very stressful time of the year for business owners. Compiling many different financial statements and documents and also ensuring that your business taxes are up to date with tax codes is a big task. Therefore, it can be very helpful for business owners to invest in tax planning services. The following are the top tips for investing in tax planning services to make it easier for you when it comes to paying your 2022 business taxes.
Choose a Company with Relevant Experience Tax Planning for Your Business
When choosing a company to hire and invest in for tax planning services, it is crucial to choose a company with employees who have professional tax planning experience that relates to your business. For example, if you own a small business, you will want a tax planner who has experience working with small businesses. This will ensure that your investment will be right for your specific business.
Information You Will Need for Your Tax Planning Meeting
There are different forms and information that you should have prepared and with you when going to your tax planning meeting. We give all of our clients a comprehensive list of the information they’ll need to gather prior to filing their taxes, but here is a short list of what you’ll need to have on hand:
- Financial records we don’t have
- Out of pocket expenses that haven’t been noted
- Personal expenses paid for out of your business account
- 1099s you may have received
Further, even before we make any tax planning recommendations, we need to understand your business’ goals. That will enable us to give you the most effective tax planning strategies and tactics to minimize your tax burden.
Questions to Ask Yourself and Your Tax Planner
Lastly, here are some of the most common and important questions to ask your tax planner: What can I do to lower my taxes? What will I owe in taxes this year? Will it be higher or lower than last year? Am I withholding enough for taxes?
Why You Should Invest in Harvest Tax & Accounting’s Tax Planning Services
Overall, tax planning services allow you to have less anxiety and more success when running your business. Harvest Tax & Accounting understands the importance of providing accurate and professional tax planning services for your business. Our goal is to provide all the business tax planning expertise you need. No headaches. No sleepless nights. Just proactive, straightforward tax planning guidance in a language you can understand. We work to eliminate the confusion so that you can focus on only the most important financial decisions you need to keep growing your business.
With more than 45 years of combined experience, the team at Harvest Tax & Accounting has seen it all. Our team takes the time to give you the information that is most relevant to your business right now and we explain taxes in a way that is easy to understand. To learn more about how your small business can benefit from our services, schedule your free consultation today.