In other words, procrastination could cost you the chance to file the most successful return possible and pay fewer dollars to Uncle Sam..
Quarters one and two tend to be focused on organization, entity structures, ing documents for their businesses.
Those are easy things to talk about early in the year, especially or their estimated tax liability...
advertising, marketing, software or inventories, the time that you have to get those investment or deduction opportunities, the better.
For instance, the in the year you buy property, depreciation expenses may experience in the year.
you wo not have as much of opportunity to claim these depreciation expenses — if you can even close on the time for year-end..
For example, investor might need to keep log of their professional status hours trader might need to track different itemizations with the trades they make or the hours spent trading and owner might need to track meeting minutes, company retreat minutes, or itineraries..
it's important to make sure you have in place to keep track of your income and expenses accurately, with documentation, whether you have bookkeeper or you doing it yourself.
Any accountant who has gone through audit should be able to insight to owner and say, Here are things that you could get audited for, and here are the types of things I've seen examiner ask for..
The in the year you make any necessary changes, the better — and the money you will save in the long run..
Read more
Related items:
