What to do now that my taxes are filed?

Let’s give a deep thank you to our community of tax-preparing CPAs that have spent the past three months preparing your tax returns. We have so much respect for these professionals. We hope they have all had a chance to catch up on family and friends, just in time for spring to really be here.

Now that your taxes are done, it’s back to business. There are a few important things you should reflect on:

What are my tax liabilities this year? 

After the initial burden of getting all the information for last year to your tax preparer (remember our previous post about how you should only have a CPA prepare your taxes), you wait on pins and needles to find out how much tax you owe at April 15^th. It’s a good day to find out that liability, and hopefully put it behind you. But remember also you’ll find out what kind of tax estimates you should be planning on for the coming year.

Estimated taxes are due in April, June, September, and December. Be sure to drop these estimated tax amounts into your cash flow planning model as soon as possible. And then what? Do you need to change any spending trends? Do you have room for more investing?

Are my books less organized than they should be?

Be honest, did your tax accountant seem to ask too many questions that you didn’t know the answer to? Did you have to dig to find the answers? Being prepared for your tax accountant is a huge relief, and one that helps reduce tax preparation fees and stress during the beginning of every year.

Talk to your tax preparer about whether they think your books are in order, or if you are now at a point where you should invest in a little more attention to your accounting.

Quincy CFO can help you assess if what you need is more bookkeeping, more accounting or if it’s time for you to bring a CFO into your business on a part-time basis.

Is there a tax strategy I should be considering for my business?

If building your tax returns was a bit of a last-minute process this year, you may not have allowed much time for your CPA to think big picture for your business and suggest strategies to plan for better tax strategies in the future.

Now that taxes are filed, you should schedule a call with your tax preparer to ask what you should do differently this year. Be sure to bring your in-house accounting staff to that meeting so they are able to implement the strategy as it is presented.

Now that you have successfully navigated another tax filing process, these are just a few tips to make next year a little easier. Quincy CFO is also here if you would like to have a conversation about how your accounting could be handled differently, or if you want to hear once more than you should invest in a CPA to prepare your taxes. Reach out any time to Quincy CFO at info@quincycfo.com.