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Preparation: The Key to March Madness and Tax Season Success

The NCAA college basketball tournament is always an exciting and often maddening time for all of us.  While these teams are looking to play the part of bracket buster, your accountants are working hard to see to it that tax season is not a maddening time of year for you.  CPAs thrive on this time of year, and leave it all on the court..I mean…office, to make sure that their clients receive the best possible results.

Last second shots and unexpected upsets may be common in the NCAA tournament but are not common in our world.  Tax planning is the reason for this.  Tax season isn’t something that is done over the period of a couple months time, this is something that is worked on continuously throughout the year.  Accountants and clients alike must be equally prepared come tax season.  The quote of basketball coaching legend John Wooden sums it up best, “Failing to prepare is preparing to fail.” So let’s take a look at some steps that you can take to prepare yourself against the stressful affects of the April tax deadline:

Don’t Procrastinate … Be Proactive

Tax planning is not one single task, designated to one single month. Usually, when people finish their taxes, they breathe a big sigh of relief. Whew, glad that’s over. But it’s not over, in fact, tax planning for the next year should begin shortly after your taxes are filed for this year.

See what do we mean by adopting a proactive mindset? If you’re thinking ahead, and keeping your finances in order through the entire year (and not waiting for March to prepare them all) you’re avoiding unnecessary stress during tax season.

Collaborate With Your CPA

Most people attempt to prepare their taxes on their own. And most people miss out on golden financial gains. The average taxpayer does not have the expansive financial knowledge and insight of a professional accountant, nor should they, but that’s what makes do-it-yourself tax planning such a risky idea – you’re gambling with possible financial gains.

When you contact a CPA firm, not only do you receive the professional guidance needed to navigate complicated tax territory, you receive financial consultation catered specifically towards your company’s future.

Consider Wealth Management

Part of tax planning is considering your investment options. Most people shy away from investments because they strongly dislike the idea of possibly losing money. Investing is not a gamble, it is a calculated risk when consulting with a wealth management advisor.  The advisor takes in to account whether you are risk adverse and builds a plan that fits your needs and your desires. A wealth management service, along with your CPA and financial advisor, guide you in making the right decisions for building a sustainable financial future.

Discussion Before Decision

Even after you’ve learned a thing or two from your CPA firm, it’s still always a good idea to consult with them on significant financial circumstances. For example, if you’re thinking about selling your business, a CPA firm can give you the tax logistics, implications, and benefits behind all your possible options.

There are a number of financial factors that go into tax planning, and cramming them all into a one-month timeframe creates a chaotic mess of last-minute desperation. Being pro-active in your tax planning and consulting with professionals will help you avoid the stress and headache that are often associated with the April tax filing deadline.

Click the button below to begin your conversation with a coach..err…certified public accountant with LBA Haynes Strand and begin seeing the results of being prepared.