Tuesday, January 8, 2013

Tax Turmoil Tips

Are you pulling your hair out trying to gather your 2012 financials for your accountant? Or wondering what to do for 2013?

When it comes to your business financials and taxes, the Boy Scouts are right: Be prepared!

Even though 2012 is over, you still have a few action items available before you file taxes:

  • Contribute to retirement accounts (IRS & Roth). You can still get an extension to contribute to your Keogh or SEP by 10/15.
  • You have until 1/15 to make estimated 2012 tax payments and avoid a penalty for the 4th quarter of 2012.
  • Adjust your withholding. If you normally get a tax refund each year, you can adjust your withholding to get more take-home pay in 2013.
Most important: Stop beating yourself up about 2012 and resolve to manage your financials proactively in 2013.

Do What You Do Best, and Let Benay Do the Rest! 

Benay clients are NOT pulling out their hair over 2012 tax documentation. That's because we covered all the bases last quarter with their accountants.

So instead of scrambling to gather 2012 records, our clients are planning business success for 2013 and beyond.

Here at Benay, we still have a lot of work to do to close our clients' 2012 books so they can focus on making the New Year a successful one.  By the end of this month all our clients will have a final review of 2012 business performance. They will also have a 2013 budget, cash flow projection, and other data needed to manage their business successfully.

Stop worrying about the state of your business and start managing for success. Benay can help - just give us a call.

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