Unfortunately, I’ve talked met with people in the past who’ve been surprised by a tax bill from the IRS (and sometimes penalties) that would have been resolved easily if we’d spoken sooner in the year.
During the height of tax season, I noticed that one of my clients received $30,000 as an independent contractor, but had not withheld taxes. She hadn’t sent in estimated tax payments to cover the tax liability associated with this income. Not only did she get surprised by an additional $7,500 in taxes, but she also got a penalty for not paying enough of her tax liability in a timely fashion.
After we addressed her primary concerns, I let her know that she could avoid this surprise in the future by scheduling a tax planning consultation. We would have estimated her total income for the year and created a plan to make sure a large portion of her taxes were paid on schedule according to the IRS regulations.
Don’t get surprised
Your business is operating year-round, so events happen every day that could affect your tax situation. Let us partner with you to help through those times. A tax planning consultation can help avoid surprises down the road.
We can help do the following:
- Ensure you have as much tax savings as possible on your future income
- Determine the proper business structure (sole proprietorship, partnership, corporation)
- Determine if you are required to make quarterly estimated tax payments and set you up on a timely payment schedule
- Analyze how specific changes might affect your business
Although total fees vary based on your situation, we can give you an idea of how long a session you need to help you plan.
Would you like to feel more prepared and knowledgeable about your tax obligations? Contact me today to schedule a tax planning session.