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Tax Planning

Updated on January 12, 2013

do it your way and lose deductions due you

Frank Sinatra had too few regrets to mention. Except he was very wealthy and could afford his own Certified Public Accountant (CPA). But even if you aren't a 'Chairman of the Board', it is important for you to know that you really can afford your own CPA.

Some may truly believe that the beneficial accounting assistance offered by CPA's are financially out of reach for them. This blog post will dispel that myth once and for all. What many may find astonishing is that the opposite is the case.

That's one reason why a good CPA Firm offers a free initial services consultation. To dismiss such notions and to help take the fear that some may harbor out of filing their small business or personal taxes.

As we near the close of another year, it will soon be time to collect that shoebox out of the closet with all of your receipts and other financial data. Hopefully you are one of the few that do a little bit better at your strategic tax planning than that!

Those that run a small business often have so many other concerns that any thought of strategic tax planning is swept under the carpet. Often putting off filing their taxes to the very last minute. That is a BIG mistake.

Others may believe that using the prepackaged cookie cutter software readily available off of the shelf is the answer. Wrong again. These software programs, while somewhat helpful, may contain one or more of what is known as glitches.

Glitches are errors in the software program that may lead those that rely upon them to file erroneous tax returns. The software companies will often have disclaimers that free them from any responsibility whatsoever from such mistakes.

Responsibility is what it comes down to. It is ultimately the business or individuals responsibility to see that their taxes are filed on time and are accurate.

Don't go it alone! Those that do usually miss out on opportunities that, unless they are familiar with their state and federal tax codes, will pass them by as the deductions and exemptions they might have qualified for, disappear with the arrival of the new year.

Keeping up with the ever changing tax code is a full time job. In order to assure that your small business is credited with the deductions and exemptions to which it is rightfully entitled, before they expire at year's end, be sure to consult with a CPA ASAP!

The benefits achieved by strategic tax planning with your CPA will far outweigh the difficulties encountered by those small businesses and individuals that rely on a software program or last minute cramming to determine what they owe in taxes and when to pay them.

'It's all in the timing', is an age old truth that is never more applicable than when it is applied to strategic tax planning. The best and most profitable strategic tax planning is achieved when you make a strategic alliance with your CPA.

The speed at which the tax code changes can sometimes be met by a software update. Assuming the update is glitch free. Are you really willing to stake the possible success or failure of your business on the vagaries of a general solution like tax software?

Team up today with a local CPA to assure that you receive all of the deductions and exemptions that your business has rightfully earned. Before they expire at the end of the year!

Ram Associates knows how to make the tax system work in your favor. They have the accounting experience and the trained staff that knows how to react to unexpected wrinkles, like Hurricane Sandy and FEMA.


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    • nancynurse profile image

      Nancy McClintock 5 years ago from Southeast USA

      So True.