The risks of ignoring tax filing and planning

Every employee and business owner in the United States has a relationship with the IRS—whether they acknowledge it or not.You are not only required to report all your income, but in certain circumstances, you must also inform the IRS even if you didn’t earn any income.

Failing to report accurately and on time can result in penalties and interest, especially for those running a business with employees. Even if you file on time, doing so incorrectly can still lead to penalties and interest.

That’s why it’s crucial for business owners to work with tax professionals and accountants even before starting a company. This can save you a significant amount in taxes, because the IRS will never tell you how you could have paid less. It’s up to you and your advisors to understand the different credits and deductions included in the complex tax code.

The simple truth is that most business owners and employees focus on their daily work. Taxes are often an afterthought. However, the amount of income you’re able to keep can be the difference between a thriving business or household and one that fails.

Why leave it to chance and try to sort everything out at the end of the year?

Early tax planning can guide business owners or independent contractors on what decisions to make throughout the year to maximize savings. Once the fiscal year ends, it’s too late to plan.

Whether you’re already in business or planning to start your own soon, it’s vital to speak with a tax professional about ways you can save on taxes.

Your business growth and future wealth depend on it.

Call us today for a free consultation.