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IT’S TAX TIME; DON’T WAIT UNTIL THE END!

Potente, Business Lawyer and Company Formation

December through April is one of the busiest period’s for our law firm. December 31st transaction deadlines add to this reality, however, the March 15th corporate tax deadline and the April 15th personal tax deadline are the primary reasons underlying the thrust of business during this time period.

We consistently remind our clients to proactively plan throughout the year to avoid delays and costly problems at the deadline.

Avoid the following throughout the year:

  1. Not employing a skillful bookkeeper throughout the year to keep your books in good working order;
  2. Giving your CPA incomplete and incorrect financial records at the last minute;
  3. No regular contact or dialogue with your CPA throughout the year;
  4. Lacking proper accounting software;
  5. Failure to keep customer records and receipts;
  6. Co-mingling personal expenses with corporate expenses; and
  7. Forging ahead with last minute transactions in order to mitigate taxes without having the proper plan in place.

With the proper planning, tax time does not have to be “freak out” time. In fact, it can be quite easy and can serve as a wonderful self-audit and analysis for you and your business! Just don’t avoid the process throughout the year. Make sure that your professional advisors (CPA, attorney, bookkeeper, and financial planner) communicate with each other and are all on the same page.

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