Do you know how the Tax Cuts and Jobs Act will affect your 2018 taxes? What the new year could bring for your business? How you’ll prepare year-end financial statements? Whatever you do, don’t be caught off guard when 2019 rolls around. Take a moment to plan ahead with PWB today.
Our accountants and consultants can help you with the following:
It’s important to understand how the new tax law will affect your 2018 tax liability and to maximize your potential benefit. We can conduct a tax projection to estimate your 2018 liability or refund, and offer tax-planning strategies for you to implement before year-end. Tax planning is especially important if you’ve:
- Sold or purchased a business or real estate
- Received or exercised stock options
- You are self-employed, or receive income from a flow-through business
- Would like to plan for upcoming tax liabilities for cash flow purposes
- Have significant investment gains or losses during the year
While a tax projection is the best way to plan for your specific situation, you can view our free Tax Planning Guide for tips to reduce your taxes.
**An important note about potential fee increases related to tax reform legislation changes**
Signed into law late last year, the Tax Cuts and Jobs Act brought sweeping changes to the U.S. tax code. The new legislation has many benefits, including reduced tax rates, newly created business deductions, and an enhanced standard deduction, to list a few.
According to the Internal Revenue Service, taxpayers filing Forms 1040 C, E, and F, are now likely to spend more time—as little as a half-hour to upwards of 20 hours—on their 2018 taxes. In our past experience, tax planning before the actual tax preparation produces a more favorable overall tax result. Whether you choose to plan now or when filing your 2018 tax return, it’s important to note the additional time will result in an increased cost.
What do you wish to accomplish in 2019? A conversation with PWB can help you prioritize your goals and take action. Work with our business consultants to explore how to:
- Obtain timely and accurate financial statements through one of our Outsourced Bookkeeping options
- Conduct a financial performance review to increase profit, benchmark yourself against industry standards and value your business
- Create a 2019 budget for disciplined spending
- Streamline internal accounting processes for better controls and efficiency
- Evaluate your payroll platform and benefits structure
- Determine how the new revenue recognition and lease accounting standards could affect your business
Year-End Financial Statements
Consistent, annual financial statements can help to prepare your company for a future sale. They can also provide some level of comfort to owners who aren’t actively involved in the day-to-day operations. Certain industries, regulators, contracts, and grants may even require them. Involving PWB with your year-end financial statements can provide several benefits to your company, such as:
- Lenders providing better terms
- Insurance companies charging lower premiums
- Vendors granting more credit
- Gaining more credibility with your customers
Take Control of Your 2019
With the new tax law in full swing, planning ahead is even more important for 2019. We’re here to help you avoid any unwanted surprises—call your PWB accountant today to get started.
Call 763-550-1100 or contact us online >