Nanney Group

It’s exhausting, the constant effort to do what’s best for your business. It never ends. But it’s extremely necessary, because it’s up to YOU to leave no stone unturned – to explore every possible means of strengthening your bottom line. And tax season actually has a lot of those opportunities for strengthening your bottom line. You just have to know how to spot them. Or, you can let a seasoned pro spot them for you. If you want to make sure EVERY stone gets turned this tax season, let’s talk.

You need to audit YOURSELF. Why? Because the IRS can audit your business for I-9 compliance because of random selection, complaints, or the nature of your industry. Whatever the reason, you need to be prepared. Do a self-audit to make sure you’re totally I-9 compliant. Check that all your employees have I-9 forms and that all the information on them is accurate. You want to beat the IRS to the punch here – BEFORE they start dealing out consequences. If you’ve ever done a self-audit, did it reveal something unexpected?

If we could wave a magic wand and fix one thing about your finances, what would it be?

A recent comment from a friend of mine about BOI reporting: “You’d think they were planning a trip to the Caribbean with the amount of flip-flops we’re seeing.” Indeed. But the latest update in the BOI reporting saga is actually good news for you. A few weeks ago, FinCEN set a filing deadline for most businesses of March 21st. Then, on February 27th, they announced they are NOT issuing any penalties for failing to make that deadline. They set that March 21 date as a deadline for themselves, to decide an interim final rule about extending BOI reporting deadlines. Your action steps here are the same as they’ve been all along: Watch for changes, and have your documentation at the ready. It wouldn’t be at all surprising if more flip-flops were in store. And if you need help getting BOI-prepared, drop a comment below.

Excuses that DON’T count for failing to file and pay your taxes: 1. My dog ate my documentation. 2. I wasn’t feeling well…every day of tax season. 3. I thought the deadlines didn’t matter because of the IRS layoffs and budget cuts. 4. I heard the IRS is going kaput, so I thought I was off the hook. Yes, there’s lots of IRS buzz happening in Washington right now. But so far, tax deadlines are still on schedule. Which means you need to STICK TO that schedule. And no matter what talk there’s been about nixing the IRS (which is JUST a proposal right now) – you need to file your taxes this year. Because failing to file/pay comes with significant costs. Don’t let your financial wellbeing get hijacked by what-if scenarios. Practice good tax strategy, and let the IRS chips fall where they may. What’s currently standing in the way of you getting your taxes done on time?

Things likely to trigger an IRS audit for you this tax season… ??Failing to report all your income. ??Earning a large income (500K or more). ??Mismatching tax forms and reported income. ??Excessive or false deductions. We don’t tell you this to scare you, but to prepare you. If you hear from the IRS, don’t panic – we’re here to guide you through the process and protect your financial well-being. So if you fall into one of these categories, let's talk.

Depending on the choices you make right now, you'll end up in one of two groups: 1) Sitting on top of a mountain of tax benefits that are available to those who use them effectively, or 2) Crying at the bottom of a pit of missed tax opportunities. We're here to help YOU process tax season and ensure that your taxes are as locked tight, cost-efficient, and SAVINGS-OPTIMIZED for you as (legally and ethically) possible. So if you’d rather end up in the first group post-tax season, just give us a call.

True or false? "The one thing that unites all human beings, regardless of age, gender, religion or ethnic background, is that we all believe we are above-average drivers." - Dave Barry

Be honest – have you been skipping or underpaying your estimated taxes? Because if you have, we have some not-great news for you: IRS interest rates have recently gone up. Meaning the longer you put off your payments, the more it’ll cost you. So let’s talk about getting your estimated payments on track.

What's one thing you can do TODAY to get a step closer to your financial goals?