Tax Planning – Saving Accounting Fees and Reducing Tax

Tax Planning – Saving Accounting Fees and Reducing Tax

Tax planning: the one thing no business wants to have to do, but really should. It’s not easy to get your tax planning done, especially for small business owners that are already working night and day to keep their company firing on all cylinders!

The task of tax planning may fill the most organised small business owner with terror. The truth, though, is that the benefits of using tax planning to prepare for your company’s tax obligations ahead of time absolutely outweigh the trouble of going through the process( And will actually save you both tax and time). Here’s why you need tax planning if you want to run a successful business – and how, here at Evergent, we make it our business to help you do just that.

The Benefits of Tax Planning

Tax planning is a complete must for your small business, and here’s why: it’s incredibly beneficial for mapping out your business finances well in advance, and in many more ways than one. Yes, tax planning reveals to you how much tax you’re going to owe when it comes time to settle your various tax obligation, but tax planning is a tool that can show you much more.

Tax planning can reveal to you how your tax liability changes when you add or remove expenses, allowing you to compare and contrast different business plans. Tax planning also ensures your books are up to date, saving you time and energy when it comes to simply emailing your accountant with all the relevant information he needs to take care of your taxes in one go, and it also makes you take a good hard look at your business, forcing you to review it at the most current time.

How You Can Unlock the Power of Tax Planning

Tax planning seems like an unruly beast, but its bark is much worse than its bite. In fact, your business can leverage the power and flexibility that tax planning can provide with just a little help from the experts (that’s us if you haven’t been keeping up)! In fact, with our aid, we can turn your tax planning into a simple and accessible step-by-step process that will take the sting out of the whole endeavour.

  • First things first, download our spreadsheet, straight from the Evergent Resource Page. Much more than just a blank canvas, our spreadsheet has everything built into it that you need to get your process started.
  • Then, fill in the details of your business, taken from your own accounting software. At this point, you can work out how to purchase new assets or expenses if you have the cash flow.
  • Next, turn to your friendly neighbourhood search engine and look up some common tax deductions for your type of business. We prefer Google, but if you want to use another search engine that’s fine – it’s a free country!
  • Now, it’s time to get some feedback. Email your accountant with all the details you’ve gathered so far, from the filled-out spreadsheet, any assets or expenses, and any tax deductions you’d like to take advantage of this year. Ask any questions you may have and then ask if your accountant has any additional ideas.
  • This next step is crucial: listen to your accountant! If they have any ideas, implement them. They’re the experts here, and if they think it’ll work with your circumstances, but you must question everything and make sure you are both on the same page.
  • Finally, after the 30 June 2020 compile all your documents proving all your business transactions. Send this compilation to your accountant so they can do your taxes. With all the careful planning that you’ve undertaken throughout the year, it’s likely your accountant will not have to spend as much time on your return as last year. With your traditional accountant, fewer billable hours means fewer expenses when it comes to paying your accountant for their hard work!

Why You Should Trust Evergent For Tax Planning Guidance

At Evergent, we know how hard it is to run your own business. Smaller-scale companies never have the resources that larger firms have, and the struggle that this creates can lead to lots of sleepless nights. There’s a reason the small business owner community looks like they could use an extra-large cup of coffee (and perhaps a long nap) at all times!

But there’s no rest for your typical small business owner. They’re tied to their jobs 24/7, burning the candle at both ends to get the job done and keep their company financially afloat. Well, we’re here to change all that. At Evergent, we provide the freedom small business owners need to breathe and focus on what they’re best at: running their business without getting bogged down by financial responsibilities like tax preparation; allowing them the ability to create the most successful business possible; and enjoy some downtime ifey so choose.

How We Do It

At Evergent, we provide the best bespoke financial advice by fostering real relationships with business owners and their staff. We provide appropriate real-time solutions, offering effective and efficient discussions of your queries through a judicious approach through technology and relationships. Together, this allows us to provide small businesses with cost-effective, value-added, and efficient services.

In addition to providing you with the most up-to-date and valued financial advice and support, Evergent can provide you with all your accounting, bookkeeping, and reporting needs. We do this through a simple monthly package, these packages are not based on time but based on value to you as the business owner(we don’t charge you when you call us with a question). In fact, we’re so confident in the value we provide small businesses that, if you’re not completely satisfied with our services within three short months, we’ll do more than just issue a free refund; we’ll provide another two months of service on us!

It’s Never Too Late to Act Now

If you want to harness tax planning and other financial tools for your small business, now is the time to act. It’s never too late to get expert advice and help. Contact Evergent and learn how we can help you unlock the potential of your small business today!

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