How to Work Effectively with Your Professional Teams
There are a lot of moving parts for any business owner. Understandably, the day-to-day of running your business will take priority with peripheral tasks falling by the wayside. One aspect of business management that we often see overlooked is tax-optimization strategies.
Collaborating with outside professionals who are experts in financial matters and tax efficient strategies allows you to focus on building your business. You need a team that understands your ultimate goals and supports your efforts around business growth, succession planning and retirement preparedness.
As mentioned above, the partnership between you, your accountant and your financial team is important in working towards your success.
Our team at Trost Financial collaborate with outside accountants to put together a guide for our business owners. This schedule sets the ideal meeting cadence for business owners, to get ahead of your financial planning and tax deadlines. Do not wait until the last minute to address these important aspects of your business.
A Financial Guide for Business Owners: Important Deadlines & Touch Points
Meet with business owner, outside accountant and financial advisor prior to filing taxes to discuss whether an extension is needed to fund retirement plans.
Due date for filing tax returns of partnerships, LLCs & S-Corps (or extension)
Due date for filing all personal tax returns (or extension)
Due date for filing tax returns for calendar year (corporations or extensions)
Meet with business owner, outside accountant and financial advisor for a semi-annual business growth and financial matters review
All 3/15 extensions due
All 4/15 extensions due
Meet with business owner, outside accountant and financial advisor to review P&L statements through November 30th of the current year.
Meet with business owner, outside accountant and financial advisor prior to filing taxes. Discuss filing an extension to allow for funding retirement plans. Also review the following:
Accounting data implementation of strategies to maximize deductions in the current year
Ensure all expenses are in place before year-end
Discuss the level of businesses and additional compensation to award employees
Discuss charitable giving
Review the opportunity for equipment, furnishings or other depreciable assets and the impact on current year taxes
If a C-corp, discuss the level of retained earnings
Meet with business owner, outside accountant and financial advisor prior to ensure all year-end strategies have been implemented.
In addition to the touch points laid out above, ensure that your account and financial planner are working in tandem throughout the year. If you need an accountant who specializes in the needs of business owners, our team at Trost Financial is happy provide you with an outside referral and point you in the right direction.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. LPL Financial and Trost Financial does not offer tax advice.