Date: February 3, 2022
TAXES DON’T HAVE TO SUCK – HOW YOU CAN MAXIMIZE AND SPEED UP YOUR REFUND
2021 Taxes are due April 18th this year, several of our clients have already filed and are awaiting refunds. They barely had to lift a finger, and that was just to upload copies of tax forms they received in the mail and sign the returns. We help take the pain, anger, and frustration out of taxes because we find ways to reduce or eliminate the tax exposure.
Many business owners despise doing their taxes because it is time-consuming, confusing, and needlessly complex. To make matters worse if you make a mistake, you could incur fines, penalties and even trigger an audit. Because of this, many business owners put it off until the last minute, file an extension and find the cheapest option when it comes time to file the returns. This is NOT in their best interest, but most often than not – they don’t realize that because no one has ever taken the time to sit down with them, look at their situation, explain their options, and provide guidance on how to streamline the process to save them time, money, and ease frustration.
When you have your financials handled in a timely manner every month, you don’t have to wonder and stress about what your tax bill will be. When you put smart strategies in place at the beginning of the year, you don’t have to worry about paying more than you have to at the end of the year. Now is the very best time to talk to someone about tax planning so you don’t pay more than you have to for last year’s taxes, and if you implement the strategies, we can help you uncover NOW, you’ll have a much higher chance of maximizing the tax savings and freeing up cash flow in your business.
If you haven’t filed yet, or if you’re not even sure where to begin – we can help! Even if it’s not with our organization, find a qualified professional with experience and expertise to help you put a plan in place to avoid the tax race all together.
Some quick tips to speed up your refund – file electronically, review your return for mistakes before you submit it, be aware of the refund timing (currently 21 days) and if you haven’t received it by the end of the 21st day – start calling to follow up because there might be something delaying the processing of your refund. If you owe, don’t just file an extension so you can buy yourself some extra time to come up with the money – you will still be assessed a failure to file and a failure to pay penalty, along with daily interest. If you owe and have done everything you can to reduce it as much as legally possible, still file the return by the due date and just set up a payment plan. If you need to talk to someone and can’t get through to the IRS due to the COVID backlog, we’re here to help answer any questions you might have.
Our goal is to help every business owner grow their business, pay less in tax, grow their teams, give back to their communities, and have more time to spend with their loved ones. A lot of this is accomplished through financial best practices and just having someone in your corner looking out for you, protecting, and empowering you to be the best business owner that you can be!