119 Old State Rd., Ellisville, MO 63021 CapitalAdvisoryGrp.com THE WEALTH ZONE OCT 2019
A Halloween Standoff IS THE TAX MAN SCARIER THAN FREDDY KRUEGER?
Have you heard the story of Craig? Craig was an astute business owner who’d built his company to an enviable size and level of sustainability. One Hallow’s Eve, when the moon was bright but shrouded by clouds, Craig went out to his mailbox. As he opened it, he saw something that made his heart stop: a big envelope from the IRS. It was only then that he remembered: He hadn’t been tracking any of his deductible expenses! Not for years! And worse yet, he had no idea where any of his receipts were stashed away. In fact, it was possible he’d thrown them out. The horror! Sounds like a nightmare, right? In classic spooky tales, the villain stalks their victims and goes after them silently, not unlike an IRS audit. In the case of creepy guys like Freddy Krueger, not much can be done to stop them. But in the case of taxes, there’s a lot you can do to prevent the scenarios you fear. Here are a few examples. Scary: Getting Audited Scarier: Not Hanging Onto Receipts From Deductions The Solution: Get Organized
While audits can seem like the scariest thing in the world, in reality, they don’t need to be. It’s not like Michael Myers is after you! In some cases, the IRS is just performing an audit to see receipts associated with certain deductions. It doesn’t automatically mean you’ll owe anything. If you’ve been keeping your receipts and documents neatly filed away, you can ignore the anxiety-inducing representation of audits in movies and prepare for a pretty seamless process. The takeaway here is to stay organized, not just for that potential audit but for your own benefit every year. Hang onto receipts, keep them organized in a file, and keep your tax returns up until the date recommended by the IRS.This will allow you to maximize your taxes and get the most from your returns. And in the rare instance you do get audited, it will mean you’ll have everything close at Scarier: Not Preparing at All The Solution: Have a Tax Team It’s daunting (and a little anxiety- inducing) to think that this is the last quarter of the year, meaning it’s time to hunker down on your tax prep if you hand and ready to go. Scary: Tax Preparation
want to maximize your 2019 returns. As you make those final contributions and last purchases of 2019, keep the receipts and stay organized so you’re not left scrambling come spring.This may be something you can delegate to a team member if it’s for your business. Better yet, work with us as your advisor and tax strategist to find out the best way to set yourself up for a seamless tax season. You don’t have to go it alone; they’ll help you find a good system to categorize everything. Come springtime, you’ll get to pass everything off to them and *poof* — that lingering tax ghost will be gone. Like many of the things we fear, the fear itself is often scarier than the taxes themselves. With some minor preparation and the right team in place, there’s really nothing to be scared of. We promise! Happy Halloween, -Jeff and John Zufall
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