Now that the dust has settled and the tax filing deadline is behind us, we can forget about taxes, right? Wrong, says Kevin Sickels, CPA and partner at Ketel Thorstenson’s Rapid City accounting and consulting office. He said this is an ideal time to give your business a post-season tax tune-up.
A tune-up now will keep your financial engine running smoothly right into the next tax filing season. Our tax accountants, CPAs and other professionals in Rapid City, Spearfish, Custer and Williston can help with the process. Schedule a mid-year planning session to discuss your current financial statements, operational plans for the year, capital purchases or any personal developments that could affect your tax situation for 2015.
If you had a big tax liability or a big refund on your 2014 tax return, you should probably adjust your estimated tax payments for 2015. It’s also a good time to review your employee benefits packages.
“By being proactive, you can benefit from valuable tax savings and opportunities to improve the accuracy of the financial information that you use to manage your business,” Sickels said.
He has more good advice in the latest edition of The KT Addition, the Ketel Thorstenson newsletter.