Why Did Nobody Warn Me About This? We’ll Help You Avoid Tax Surprises! Our first-ever client at Concierge CPAs came to us after her previous accountant surprised her on April 15 with a $17,000 IRS tax bill. This happened during a year when her business really took off; unfortunately, her accountant wasn’t proactive and didn’t offer to meet with her during the year to run current year tax projections. I’m sure most of us would be shocked by a bombshell like an unexpected $17,000 IRS bill. Unfortunately, I’ve heard countless similar stories over the years, and the question remains the same: “Why did nobody warn me in advance?” The answer is simple. Most tax preparers are good at summarizing what happened during the previous year, but few take the time to sit down and talk to you about what is going on in the current year and what to expect in the future. 1. We meet (in person or virtually) at least once per quarter to talk about the current tax year. We look at the actual income and expenses up to that point in time (so it’s very important that you have accurate monthly bookkeeping). Together, we estimate the profit for the remainder of the tax year. 2. We combine your forecasted business profit with your personal tax information, adjusting it for any changes, so we can calculate an accurate estimate of the taxes that will have to be paid. Knowing what to expect isn’t the only advantage of this process. The real benefit is that you can be proactive and reduce the tax liability before the year is over. There is no CPA that can go back in time and change the past after Dec. 31, so you have to be proactive and think about reducing your taxes during the current year. Now, with the new tax law, preparing estimates during the year is even more imperative than before, as the tax rates were changed, expense categories were eliminated, and new deductions were introduced for small-business owners. This process is pretty much the same as preparing your tax returns 4–5 times a year. So, over the years, we developed systems and best practices to help our clients avoid unpleasant tax surprises. Here’s what a proactive tax engagement should look like:
Spring is the height of asparagus season. This dish, which features the crunch of breadcrumbs and a refreshing splash of lemon, is the perfect way to highlight the natural flavors of the vegetablewithout overwhelming them. Roasted Asparagus With Lemon Breadcrumbs
INGREDIENTS • 2 pounds asparagus • 1/3 cup plus 2 tablespoons extra-virgin olive oil • Kosher salt • Freshly ground pepper • 2 garlic cloves, minced
• 1 cup panko breadcrumbs • 1 tablespoon flat-leaf parsley, chopped • 2 teaspoons lemon zest • Juice of one lemon (not packaged lemon juice) a small skillet over medium heat. Add garlic and cook for 1 minute. Add breadcrumbs and cook for 5 minutes, stirring frequently. Remove from heat and fold in parsley and lemon zest. 3. Transfer asparagus to serving platter, drizzle with lemon juice, and top with breadcrumb mixture.
INSTRUCTIONS 1. Heat oven to 425 F. Toss
asparagus with 2 tablespoons olive oil and season with salt and pepper. Place on baking sheet and bake for 20–26 minutes, turning asparagus halfway through.
2. When asparagus is nearly done, heat remaining olive oil in
If you would like to become proactive and start getting tax projections in 2018, give us a call at (440) 340-1030!
3 (440) 340-1030
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