How does your business approach tax season? Karen Stern, Partner in Charge of the Entrepreneurial Services Group, provides insight into some tax season strategies in this month’s “Financial Fitness,” as featured in Small Business Monthly.
While taxes are one of the two certainties in life, right alongside death, the issues that organizations face can vary drastically. To give us a better idea of what issues businesses are facing, we asked some top women in business for an inside look at their tax-season strategies.
- “The biggest issue our business is facing this tax season is tax extenders,” says Geri Boyer, founder and managing partner of Kaskaskia Engineering Group. “They make tax planning more challenging in 2015 than it was the previous year.”
While the Protecting Americans from Tax Hikes (PATH) Act of 2015 includes several permanent and temporary extensions for individuals and businesses, they are not uniform and can therefore provide some trouble. Some tax breaks are extended through 2019 and others through 2016, so make sure your tax plan addresses these differences.
- “Our accounting system has changed significantly over the last few years,” says Darlene Sowell, president and CEO of Neighborhood Houses. “It has improved with technological advancements.”
Make sure your records are up to date and accurate so that come tax season, you aren’t scrambling to make last-minute changes. If you haven’t done so, it may be time to look into upgrades in technology or changes in your accounting method to accommodate your growing organization.
- “Our best resource is our outside CPA/accounting firm,” says Boyer.
“We rely on our accounting firm and auditor for advice on tax prep,” says Sowell.
If you are ever in doubt or have questions about changes, don’t hesitate to contact your tax adviser. He or she can make a measurable difference!