The week before I wrote this column, requests for accountant recommendations flooded in—a sure sign that tax season is upon us. If you’re feeling unprepared, you’re not alone. Just like putting on a show, handling taxes with ease requires planning. Establishing a system for record-keeping, making timely estimated payments (when applicable), and diligently tracking income and expenses can help avoid penalties and interest, maximize savings, and reduce financial anxiety and stress. And if you’re not there yet, know that it’s never too late to start working towards this goal.
While there’s been an uptick in people working on their tax planning these last few weeks, it’s important to remember that tax readiness isn’t just an April endeavor; it’s a year-round commitment. By incorporating tax planning and preparation throughout the year, it becomes a more manageable and less stressful task among the long list of to-dos, and it starts with understanding your business structure.
Rachael Bronstein, from “Life’s Jam,” PLSN, March 2024, page 42
