The Importance of Getting a Mid-Year Tax Review

Every year at mid-year, our bookkeeping specialist Trisha sends out a financial letter to her clients. This letter, often referred to as her “scary letter”, contains beneficial information about potential tax liabilities and gives some insight into what small business owner’s could potentially owe in taxes. Although not intended to be scary, some of the numbers might startle you.

Here at Alron we put our clients first. We want to make sure that you are prepared for the upcoming year. So here are a few reasons you should consider getting a Mid-Year Tax Review.

Reason 1: Mid-Year Corrections

Many businesses have lists of corrections to make by the time August rolls around. This is a good time to go through that list and speak to a tax professional. Some possible changes you should discuss include: changes in employment, household composition (got married, had a baby, started a part-time job) or even changes to your health insurance.

Reason 2: Reassessing Your Goals

It’s been a few months since you last filed your taxes. It’s important to remember and reassess the goals you’ve set for this year. Are you maximizing your tax write-offs? Are you meeting your charitable giving goals? Is your small business on track to hit the numbers you are aiming for?

Don’t let another year go by doing the same old, because the government is constantly changing tax regulations. It is important to keep up on these changes and have a plan in place.

Reason 3: Planning for Next Year

“Planning and setting goals go together like peanut butter and jelly.” – OCD Sandwich Lovers Everywhere

It’s just as important to make as plan, as it is to follow the plan. No matter which step you’re at though, we are here to help. Give our bookkeeping department a call, or send us an email. We’ll be happy to sit down with you in person, or over the phone, and discuss your business plan for the upcoming year.

CALL US TODAY: 321-951-7626