Tax season is not the best time of year to develop a strategy with your accountant. This requires planning in advance and consistent action, which is why it’s is a good idea for business owners to meet with their accountant at least on a quarterly basis. There are many business decisions that you make throughout the year that can have a significant impact on your taxes. For example, changing your business structure (LLC, c-corp, s-corp), hiring an employee vs. outsourcing to an independent contractor, business location, employee payment structure etc. This is not intended to be an all-inclusive list or to serve as professional advice. It is meant to highlight the fact that a large number of the decisions you make throughout the year will have an effect on your business taxes. Making these decisions without receiving proper professional council could leave you with a bundle of unexpected taxes. Planning ahead and communicating with your CPA on a regular basis will give you the best outcome.

When you do meet with your CPA bring all receipts and financial business records that your accountant does not already have. There are strict IRS rules that require that all tax deductions be accompanied with proper documentation. Your accountant should inform you of possible tax deductions that you might not be aware of, and what information is needed to properly record the deduction. Your accountant should not assume that you have discussed all of the possible legal tax deductions.

Common deductions that may be overlooked and your accountant should be asking you about are:

- Donations, including non-cash contributions.

- Business use of a personal vehicle.

- Home office

- Business trips

It’s all about the details. Most people know that under some circumstances these items can be used as legal deductions, but without all of the details that knowledge isn’t very useful. Is your accountant sharing the specific circumstances with you, and helping you choose the best way for you to provide accurate documentation? If not, ask them to at your next appointment.

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Our nation’s tax structure is constantly evolving and becoming increasingly complicated.  Tax software programs cannot fully understand every nuance of your financial life. Seasonal tax preparers may not have the expertise to provide comprehensive service.  Which is why it is important to retain an experienced and competent tax preparer.

At Harris Group, every situation is unique and we take an individual approach to each client.  Choosing a CPA for tax preparation assures a quality return prepared by professionals with technical and strategic tax expertise.  We provide consultation services to minimize your tax liability without losing sight of your financial goals and objectives.  Tax planning throughout the year is critical to developing strategies designed to minimize Federal and State tax liabilities.

We help individuals of all income levels and those with closely held companies.  Small business owners are often interested in structuring their business in a tax effective manner while maximizing their cash flow with minimal effect on the fundamental needs of the business. The professional staff at Harris Group has the knowledge and skills to help clients thrive in the competitive marketplace.

Harris Group can assist you with the following:
•    Tax Preparation & Planning
•    Individual Income Tax Returns
•    Partnerships and LLCs
•    C Corporations
•    S Corporations
•    Estate and Gift
•    Fiduciary
•    Tax Exempt (Status)
•    Personal Property
•    Pension
•    State and Local (Taxes)

We will also represent you should Federal or State taxing authorities select your personal or business return for an audit.