Tax planning. Just those words make me shudder. Over the last 17 years, I’ve learned some hard lessons on this subject. I really wish I knew what I know now when I got started. It would have saved a lot of worry and frustration. While this is not the most glamorous topic, this is the kind of stuff that makes or breaks a business.
It’s well worth the upfront costs of having an expert do your books. Not only can they save you money at tax time, but they will help you avoid making costly mistakes in the first place.
About Jeremy Doorn
As a ten-year-plus employee of Core Wealth Management, Jeremy Doorn helps small businesses do a better job of tax planning. In addition to firm administration, he handles business advisory services and business succession planning for his clients.
The Importance of Expert Help
Jeremy tells us that you don’t need to be a tax or accounting expert to run a successful business. But you might want to find one to help you out. Getting at least a basic education on how to run your numbers will save a lot of trouble further down the road. Furthermore, having an accountant or other tax expert on your side will help identify tax benefits that you may have otherwise missed and avoid costly mistakes.
Bookkeeping as Business Strategy
In some ways, proper bookkeeping is aligned with the strategy of your business. When your revenue and expenses are truly known, you can identify your profit. You can’t make the best decisions for your company without this knowledge. This is your business that you’ve created. It’s your responsibility to make the most informed decisions that you can to make it profitable. That doesn’t mean you need to be an expert on all things. But you do need to find the right advice to make it a success.
What has been the biggest lesson you’ve learned about taxes or bookkeeping since you started your business? Has a tax expert saved you money and helped you grow your business? Tell me about it in the comments below!