This week marks the end of the first half of 2015. For business owners, this is a good time to assess tax-related tasks to ensure you’re on track. Are you making your estimated tax payments? Should these amounts be adjusted? How is your business performing – better or worse than “budget” expectations?
Once you have made these evaluations, determine what needs to be adjusted to make this year a success. Do you need to increase revenue? Should expenses be reduced? Do you need to acquire new customers?
We Manage Your Business Accounting & Tax Needs
We review these things with our clients to evaluate performance January-June. Then we work together to project EOY earnings to determine if we have enough set aside to pay taxes in net income.
At the midpoint of the year, we also discuss the future of the business. If an expansion or purchase, or plans to sell the business are imminent, we adjust to stay in line with objectives.
Review Personal Taxes, Too
While tax preparation doesn’t top your list for summer fun, spending a bit of time on your 2015 taxes now can make preparation to file much easier when the time comes.
If you haven’t already, start a file or folder for your 2015 personal taxes and add items you have collected so far this year. For those of you with special deductions – like a home office or business expenses, medical expenses or charitable contributions – gather documentation for the first half of the year. Tackling some of this legwork while it is fresh in your mind now is easier than trying to go back and piece together a year’s worth later!
Use our 2014 tax organizer. If you have questions or want help preparing your 2015 taxes, give us a call – (913) 888-9100. We have the confidence and experience to benefit your business or personal tax needs!
