As a business owner, thinking about taxes may not be the most exciting thing to do. However, tax planning is essential to avoid penalties and reduce tax exposures. Regardless of how simple or complex a tax strategy is, it will be based on structuring the plan to accomplish one or more of the following goals:...
Now that your 2022 financials are wrapped up, and your books have been handed off to your CPA, let’s talk about 2023. Right now is the perfect time to think about budgeting. The cost of products and services changes, and you should adjust your pricing to ensure your business is profitable. Run your profit and...
The time has come to wrap up 2022 and hand off your financials to your tax preparer. Now that you (or your bookkeeper) have poured over 2022 to ensure everything is complete and accurate, it’s time to take a step back and look at how your business performed last year. Did you grow your sales?...
Jeff Belingheri and his team have an amazing ability to talk “business.” They are skilled, strategic, and thorough – top-notch quality CPAs. But perhaps most impressively, they are easy to talk to – they understand business. Jeff and his staff have expertise in various investments, ownership transitions, and other unique tax situations. As a result, they...
Now that you have filed your 1099s, it’s time to finalize your 2022 accounting records. In addition to your regular monthly tasks, such as reconciling bank and credit card accounts and reviewing accounts payable and receivable reports, we recommend taking the following actions to ensure a smooth start to 2023: Reconcile all loans to verify...
Now that November is done, it’s a great time to close out your November books and schedule a meeting with your CPA! This is a perfect opportunity for your tax expert to tell you where you stand and what you are likely to owe for taxes. Assuming your books are clean throughout the year, this...
If you haven’t already, you will want to book a check-in with your CPA to review your 2022 performance and see the tax implications. To have a complete conversation, you will need to be sure that your books are up-to-date and accurate. So review your books thoroughly before the call. Make sure things look accurate...