Many small business owners only talk to their tax accountant when it’s time to file the dreaded taxes after the end of the year. In reality, it’s important that they have an open dialogue throughout the year.
As a certified bookkeeper, I encourage my clients to connect with their tax accountant at least quarterly and sometimes more often especially if they are considering buying a building or other large asset, expanding their business, or seeking to increase working capital. I provide financial reports to my clients and their tax accountants on a quarterly basis, at a minimum, sometimes more frequently. This allows for adjustments to be made throughout the year leaving few financial surprises at tax time.