Will Your Finances Leave You Taxed?

Keeping on top of where your money is going can be a taxing issue for millions of Americans. That issue becomes even more problematic when one is running their own small business.

In running your small business, do you feel at times like the financial walls are closing in around you? If that is the case, now would be a good time to review how you’ve done financially this year, along with thinking about where you want 2017 to take you.

Also keep in mind that being savvy with your business finances doesn’t mean you are great with personal expenses and vice-versa. In order to be in a win-win situation, smart decisions must be made on both fronts. If you feel like you maybe have not been making the best financial decisions at times, has the time arrived to get help?

One professional you may need to call is a tax attorney.

taxlaw

He or she could be the missing link in allowing you to prosper financially both at your business and at home. If that’s the situation, don’t wait to make that call when it is too late.

Get Financial Help Today, Not Tomorrow

So that you can go into 2017 feeling as good as possible about your work and home financial situations, review matters now. That means sooner rather than later, not whenever you feel like getting around to it.

For those individuals dealing with tax matters, opting for the help of a New York tax attorney for your financial needs (or one closer to home) can be the solution. They have the ability to get you focused not only on your tax issues now, but also how to better avoid such problems down the road.

In consulting with a tax attorney, the first and foremost item of business is being honest with them. Having a trusting relationship can go a long way in getting you the help you need. Be upfront with them, even in cases where you may have tried to work around the present tax codes. The last thing such an attorney wants is to put lots of work into your situation, only to discover you were not 100 percent transparent. 

Lessen Odds of an Audit Moving Forward

So that you can lessen the odds of the dreaded Internal Revenue Service (IRS) audit moving forward, remember a few tips:

  1. Organization – First and foremost, don’t be one of those people pushing the midnight deadline on April 15 to get their taxes done. The only good that typically comes from that is the local pharmacy or grocery store makes some money off of you for indigestion relief. Being the tax filing deadline for 2016 expenses is some six months away, now is the time to begin organizing your documents. Yes, you still need to wait for this year to finish itself out, but you should have your documents organized and ready to go by the beginning of February (2017) at the latest;
  2. Honesty – As mentioned earlier, a tax attorney can’t help you if you are not upfront with them. Give them an honest answer for any and every question they throw at you. While some people (including some small business owners) do get away with cheating from time to time, the odds are typically not in their favor;
  3. Educate – Finally, make sure you educate yourself when it comes to filing taxes and money in general. You may think you know all there is to know about the finances of life, but you probably do not. Whether it is the small business you run or your personal finances, don’t be afraid to ask for advice. Financial advisors, tax attorneys etc. can all prove quite beneficial to your financial education.

If you’ve had financial issues over time (be it personally and/or running a small business), what have you learned from such experiences to share with others?

About the Author: Dave Thomas covers business topics on the web.