5 reasons why tax time is all the time – and not just for your accountant

Finance (Photo credit: Tax Credits)

How often have friends and family told you they don’t balance their checkbooks? We’ve heard it ten times if we’ve heard it once. Yes, banking is primarily done online and yes, “balancing a checkbook” is an old term. The fact remains that you need to know where you stand financially so you can make sound financial decisions whether personal or business related.

At BASC Expertise we pride ourselves on the level of service and information we provide to clients. Because the bulk of tax time is winding down, we wanted to share why tax time is all the time and not just for your accounting services team.

  1. Whether an individual or business, you should be tracking income and expenses on a monthly if not weekly basis. The reason is that when April 15th rolls around you won’t be as stressed out because you will have your numbers ready for the tax preparer.
  2. Have a system for receipts and other statements to save you and your accounting service professionals time.
  3. Selecting a business structure such as LLC, S-corp or Corporation is dependent in part on the numbers for your business. The type of structure selected will also impact how you or your business file taxes. If you don’t have your books in order you could suffer the consequences once you get everything in order.
  4. With your finances in order you know where you and your business stands financially. This impacts how you spend, save and make money today and in the future.
  5. As a W-2 employee you may be able to save money in retirement accounts such as 401Ks and IRAs if you understand your personal budget. This can impact your tax return and thus your personal bottom line.
Here’s to you having financial peace of mind!
BASC Expertise is a Mesa, AZ based provider of accounting and tax services to individuals and small business owners. We are currently accepting individual and business tax preparation clients as well as clients for our accounting services and payroll divisions.
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