Yes it’s only fitting to begin talking about getting your information together for your 2012 taxes, as 10/15 was the extension deadline for your 2011 taxes. A lot of people are saying to themselves, why should I since I just finished up 2011? Well, did you ask yourself how much money you may have left on the table because you didn’t dot all of your i’s and crossed all of your t’s this past year because you were scrambling?
Yes working with a lot of last-minute filers over the past few months has not been an easy task, nor has it been pleasant as to explaining to them that they’re going to owe a significant amount of money because they didn’t keep track of how they were doing, both business-wise and personally. Unfortunately it not only cost them tax-wise, it also cost them money to spend countless hours having someone else search through their papers to find legitimate deductions and still have problems finding all of the money left because they chose to pay cash for a number of things, as well as generalized credit card statements without specific receipts.
This will be part of a series entitled F.O.R.W.A.R.D. 2013, for which we’re going to help you begin planning before the end of 2012, because once that clock strikes midnight on 12/31/12, you have no other options left to change your tax liability for the better. As I always tell people, do you prefer your money in someone else’s pocket or your own?
F. – Finding your records
O. – Overloading your account or tax preparer with unnecessary work
R. – Reconciling everything, from bank accounts, credit cards, to petty cash and assets.
W. – Where did the money go?
A. – Ask your questions and often.
R. – Read everything before you sign it and ask questions it if you don’t understand it.
D. – Details, details, details, is what’s going to help you not only survive but grow.
People often wait months to get their records filed because they feel that it can save them money in the grand scheme of things, but unfortunately it often costs them more money because of that procrastination. There’s always no one to blame too, except themselves. Again, it is every business owner’s responsibility to understand and accept the consequences that they make when failing to be prepared, but wouldn’t life be so much better if you learned to not wait until the last minute and be thrown into a world of chaos? Yes some people live their entire life that way by their own choosing, but when you see those who have a sense of order, they are usually the ones who are enjoying the most out of life, both financially and emotionally.
About Our Show Advisor: Dwayne Briscoe is the founder and owner of Bookkeeping-Results, LLC. Dwayne began his company in January 2007, based on the foundation to educate small business owners and bookkeepers who use QuickBooks®. Working as a full-charge bookkeeper and trainer in a variety of industries for over 15+ years, he is a certified Pro Advisor with 5 certifications, including Enterprise Solutions and Point of Sale. He is also an instructor at Brazosport College in Lake Jackson, where he teaches basic accounting, QuickBooks®, and basic payroll, along with hosting his own private classes.
Bookkeeping-Results, LLC has focused more on quality and not quantity for their clients, by paying attention to the details. Through regular continuing education participation, as well as exploring additional ways of “thinking outside of the box” to help expand people’s knowledge of their own financial well being, it’s important to focus on not only saving the client money but also making the client money.