Read MoreWith 2018 in full swing, the business community is waiting to see what sort of fallout comes from the new tax reform bill.While the benefits of the tax bill have been signed and presidentially sealed, the political world's influence on the business realm never ends. Business owners are often too busy running their companies to keep up with shifting political debate.This uncertainty ends up being more of a distraction than anything else, complicating the already delicate task of long-term financial planning.Many business owners have a set routine when it comes to tax planning. Most entrepreneurs rely on their income to pay the bills, but unexpected consequences of the tax reform bill could throw them for a loop. A little bit of preparation could make a world of difference, though.
Hey! Corporate tax experts here telling you how to save your business time and money as you prepare for tax season. Seriously, please listen!
It's time to change your bad tax season habits
Every year, the same thing happens as tax season looms: we get a bunch of last minute, frantic clients freaking out about getting their taxes paid on time. They throw us every document they can find, get frustrated when we ask follow-up questions and request additional information (which they often don't have prepared), and end up filing late because they need a new bookkeeper and accountant to fix a multi-month (or sometimes multi-year) mess (not to mention paying out the wazoo for tight turnarounds).
We want to give you the tools to get ahead of this gigantic headache. This list represents the 13 most critical pieces of information you need to provide your tax preparer. If you know right now that you do not or will have some of these elements, talk to your finance team, understand why, and come up with a plan in the coming few weeks to get these items together.Read More
Wouldn't it be amazing if we could just press a taxes button and all our business's taxes would be filed instantaneously? We can all dream...
Tax terminology, expectations, and deadlines are overwhelming even for seasoned businesses. Federal and State tax codes are complex, and they change from year to year, which makes it difficult to keep up. This is why it is so important to have a tax accountant who stays up-to-date on current on tax laws and can provide sound guidance to help your company save money, eliminate penalties, and prevent audits.
So, what exactly do you need to have in order so that your tax preparer or accountant files your taxes in a timely manner? Read on.Read More
The number of people freelancing has increased 8% in the past three years alone. So, chances are that as a business, you are working with more freelance workers today than you were three years ago. Are you prepared to file 1099s on all those new (and existing) contractors and businesses? Do you know which contractors and businesses you actually need to 1099 (hint: S-corps, C-corps, and 501c3 non-profits do NOT need 1099s).
The date to file your 1099s is January 31 and is fast approaching, so let’s get to it.
Taxes, taxes, taxes. It seems like that’s all we talk about these days, but that’s because we have seen and felt the pain of companies unprepared. A new survey from TaxSlayer discovered that 28 percent of Americans think it would be easier to go without a cellphone for a week than file their taxes… And that’s only for their personal taxes. For business taxes, I’m guessing business owners would do two weeks of no cell phone. So, we are doing everything in our power to get you prepared come tax time.
First, it’s important to understand what are the biggest causes of stress during tax time. Then, we'll provide a case study of how one company we worked with changed their ways, and finally, we’ll talk through four strategies to help you alleviate tax time stress.
Before moving full steam ahead into tax season, it's important to understand how your company's legal structure can impact your taxes. Guidelines vary significantly, but here are a few to get you thinking. Visit IRS.gov for details related to your business structure or discuss with your accountant--they should have this under control. For more information on tax prep best practices, download our End-of-Year Tax Guide and Checklist.Read More
Before you tackle taxes, get the right financial team in place
The strength of your company’s financial strategy begins at the top with executive management, but without a cohesive team of financial experts, cracks will begin to appear in foundation of your company’s financial practices. As you consider how to best structure your financial team, focus on the contributions of your bookkeeper, your accountant, and your payroll manager, as well as financial analysts and tax accountants.Read More
Why is it that so many companies dread the end-of-year tax process? For many, it’s a scattered, painful, and overly time-consuming process: information isn’t organized in one central location and, often, companies aren’t quite sure what information they need to compile (no matter how many years they’ve been in business and paid taxes). Additionally, company leaders prioritize most other things over taxes so they push off anything tax-related until early March, not realizing they are missing crucial data that requires time and effort to compile.Read More
Paro’s end-of-year tax guide and checklist provides a detailed account of every must-have item for your business this coming tax season, as well as an in-depth approach to what successful businesses have been doing year round to mitigate their tax liability come end-of-year. There are a variety of things you can be doing to prepare your business for tax season, and Paro's tax experts know how to find the solution that’s best for your company.Read More