The calendar page has turned to January and with it…the thought of taxes.
Yup, right up there with death is taxes. Most assuredly. It’s time to think about what you need to gather for the past year and also to prepare so you can survive your taxation experiences in the coming year.
Whether you are a small business or an individual, you need to be prepared as you collect data to file your previous year’s return and planning for the new year’s tax implications. Checklists are always a help, but the basics remain the same. Gather data around these areas:
- Personal information
- Income data
When it comes to the year just past, these are historical data—stuff that happened and can be documented.
For planning purposes it is more of a forecasting exercise and preparation for the coming year so you aren’t blindsided at the end.
Whatever you do, be prepared, plan and keep cool. Oh, and don’t be afraid to engage a professional who does this all of the time. Your CPA, bookkeeper and accountant are like an army at this time of year.
We love numbers. If you are looking for help with your taxes or anything financial, call or write to us. TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.
*photos courtesy of Unsplash (Jon Tyson and the New York Public Library, photographers)