Tax filing season has just ended and we are already hearing from business owners who were stunned by a larger than expected tax bill. We are also hearing from business leaders who are receiving a larger than expected refund. While being in the second group would seem to be a good thing, it’s actually not. It is not good to either overpay or underpay your taxes.
Obviously an unexpected tax bill – which may even include penalties that make it higher – can put a major crimp in your cash flow. As for the second group, being in it may have meant that you put off things like capital improvements or providing bonuses or raises last year. The list of possible impacts on your business for either group includes much more than those things too. Bottom line, you don’t want to be in either group, and both scenarios are avoidable.
If you are a business owner who was surprised by a larger tax bill, please give us a call and set up a consultation. You may have overpaid your taxes as a result of overlooked deductions or credits. We have been known to find enough overlooked items that have enabled clients to skip their next tax payment entirely. We may be able to put more money in your pocket before June 15th if you call us soon.
Why are we so sure we can find something your accountant overlooked? Tax code is complex, and our tax professionals are trained to do more than look backwards at your income and expenses to file your return. We are Certified Tax Planners. Our training addressed more sections of tax code. In addition, we are advisors to small and medium business, and discuss their growth plan with our business clients.
And, if you are among the business owners who are now expecting a large refund, we can still help. That is money you paid that did not accrue interest but could have been used elsewhere. Many business leaders we know are paying interest on credit cards or loans to manage cash flow. In these cases, we can look deeper into your plans and needs for the coming year and design a tax plan that keeps as much money in your pocket as possible – without accruing penalties.
We use a 360-degree view of your business to plan your financial growth. Even if we don’t find an overpayment, we can ensure that you have taken full advantage of the common tax savings opportunities that were available as a result of the pandemic and that your documentation is in order should the IRS Audit team come knocking.
We have a great track record of finding businesses $10,000 or more. That’s money most business leaders can certainly use, especially right now – could you? Would you like to experience the Hundley Advisors’ difference? Contact us to take advantage of our complimentary review of three years of prior tax filings. What have you got to lose?