It’s October, and that means that the kids are fully back into their school schedules, pumpkins are starting to appear in supermarkets and on stoops, and tax preparers are starting to sharpen their pencils and tune up their calculators, because the 2015 tax season will be here sooner than you think. There are a number of pending changes that may have an effect on business owners, including the continuing impact of the Affordable Care Act, the potential for lower tax rates being put into place for corporations, deduction eliminations and limit reductions, the net investment income tax, and the proposed tax extenders bill.
Though many of these changes may not have an impact or even go into effect, it is wise to do everything that you can now to prepare yourself for when tax season is fully upon us. The most important thing that you can do to prepare your business’ finances for 2015 is to make sure that all of your records are accessible, well organized, and have been kept current.
Though many have come to believe that in our digital age, paper documentation is not as important as it once was, that is not the case. Make sure that you keep all receipts if your business deducts expenses such as meals or travel. If you find it helpful, utilize some of the new record-keeping technology that allows small businesses to scan receipts. Low-cost software can help businesses to track all of their transactions in such a way that it calculates and records all pertinent tax information throughout the year so that when the time comes for tax preparation, everything has already been recorded and assembled. The more automated your business is, the more accurate and accessible your tax information will be.
Perhaps most important of all, pay attention to the financial news, particularly to any reports on tax issues that may have a direct impact on your business. If you don’t have time to pay attention to changes in the tax rules, you may be well advised to take advantage of the services of a certified public accountant. At Patterson Associates, LLC, we are committed to educating ourselves quickly about every modification to the tax code so that we can remain current and provide our clients the most up-to-date tax-advantaged strategies. For information on how we can help your business prepare for 2015, contact us today.
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We’ll be happy to review your Foreign Financial Accounts with you by phone or in person. For each account, you’ll need to have the name of your account, address, account number, year-end balance and highest balance of the year. With this information, we can determine if you need to file your foreign accounts with the IRS.