Many people think that tax season is over until next year, but in reality taxes and accounting need to be year long processes and continually addressed throughout.
Having your accounting processes and procedures in place during the summer months and into next year helps reduce the stress and expense of trying to accomplish everything at year end…or even later!
And for those individuals that received an extension, it is even more important to stay on top of the process to avoid another rush in September or October.
Several significant changes occurred during the past tax season that will affect the way business owners will account for repairs, maintenance, materials, and reimbursement for health coverage. In order to stay in compliance (and avoid possible fines) with new regulations, now is as important a time as ever (and possibly the most accessible time) to get in contact with your accountant to discuss these new regulations and how they will affect your business in the coming years.
The next few months should be utilized as an opportunity to get ahead, not to rest and push responsibilities off until later. Whether you are looking to make a new equipment purchase, invest in income producing property, or to determine if you have enough funds for a well-deserved vacation, having your accounting correct and up to date will provide you will the tools for informed decision making and the reduced chance of surprises coming down the pipeline.