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How Early Should Your Business Start Preparing Next Year’s Taxes?

Finding a reliable tax attorney can be difficult – there’s no doubt about it. With the serious consequences that come along with tax errors, late filings and failures to file, however, it’s important to find a tax attorney as soon as possible if your business doesn’t have one already. Even though the 2011 tax season just ended in April, it’s not too early to start thinking about next year and ensuring that you and your business will be in good shape when April of 2013 rolls around. In fact, many experts recommend that you start thinking about next year’s taxes as soon as the current tax season has ended.

Tips to Be Ready for Next Year’s Tax Season

If it seems like a vicious and never-ending cycle, you’re right – taxes are painful, and they return year after year.  Just like laundry or dishes, as soon as you’re done, the next pile starts accumulating. But unlike laundry and dishes, there are really serious consequences for not filing your taxes or making errors on your tax return. To avoid such a fate, here are a few tips to help you and your business stay on top of your taxes year after year:

  • Find a tax attorney
  • List issues and questions before visiting with your accountants and/or attorneys
  • Keep accurate and complete records in an organized fashion
  • Prepare all records ahead of time
  • Double-check all financial statements to make sure they’re accurate
  • Keep current with any and all changes in the tax law from last year

There are many important issues that you should discuss with your tax advisor to make sure your plan is airtight. Accounting and tax attorney firms such as Allen Barron, Inc. have expert tax advisors ready to answer these questions and discuss these issues, and it’s never too early to get started. They can help businesses avoid overpaying on their taxes without breaking any laws or otherwise risking a future audit in the process. Waiting until the last minute, on the other hand, will most likely guarantee that your questions and concerns will be tossed aside in a mad dash to finish your taxes before the filing deadline. Finding a tax attorney as soon as possible and developing a system for maintaining your financial documents and tax records just means one less thing to worry about in the planning and organization of your business.

Please contact us at 866-631-3470 to speak with one of our reliable, knowledgeable tax attorneys and accountants to assist you with the preparation of your taxes for the 2012 tax year. We can schedule a complimentary initial consultation for you and help ease your mind about your tax preparation and filing for next year (or previous years).