Taxes

Flipping Success: Tax-Saving Tips for Texas House-Flipping Businesses

Struggling to get your financial records in order? Small business owners often face the daunting choice between reconciling historical financial data and starting fresh with a clean slate. This decision can feel overwhelming, especially if your books are disorganized or you’re falling behind on tax filings.

Choosing the right path is crucial for saving time, reducing costs, and positioning your business for growth. In this guide, we’ll explore the pros and cons of reconciling versus starting fresh and explain how Insogna CPA—one of the top accounting firms in Texas—can help you make the best decision for your unique situation.

The Problem: Financial Records in Disarray

Running a small business is hectic, and bookkeeping often takes a backseat to daily operations. Over time, this can result in:

Disorganized Records: Missing receipts, incomplete entries, or duplicated transactions.
Tax Issues: Errors or gaps in records can lead to missed deductions, overpayments, or IRS penalties.
Missed Opportunities: Inaccurate financial data hampers decision-making for growth, funding, or investments.

These challenges leave many business owners asking: Should I invest time and money in reconciling my books or cut my losses and start fresh?

The Solution: Reconcile or Start Fresh?

Each approach has its merits, and the best choice depends on your business’s situation, goals, and resources. Here’s a breakdown to help you decide:

Option 1: Reconcile Your Records

Reconciliation involves reviewing and correcting historical financial data to ensure accuracy and completeness.

When to Reconcile

You Need Accurate Historical Data: If you’re preparing for audits, applying for a loan, or seeking investors, reconciling your records is essential.
Your Tax Situation Is Complex: Precise records reduce liabilities and help avoid IRS penalties.
You’ve Fallen Behind: If you’ve neglected bookkeeping for months or years, reconciliation can restore trust in your financial numbers.

What’s Involved in Reconciliation?

Compare your books with bank statements, credit card records, and other financial documents.
Identify and correct discrepancies.
Document everything for accuracy and compliance.

The Benefits:

Avoid penalties by ensuring tax filings are accurate.
Gain deeper insights into your business’s financial health.
Build credibility with lenders, investors, and partners.

Reconciliation can be time-intensive, but the long-term benefits often outweigh the costs. A trusted tax accountant in Austin, like Insogna CPA, can streamline the process and ensure accuracy.

Option 2: Start Fresh

Starting fresh means closing incomplete books and beginning anew from a specific date.

When to Start Fresh

Your Records Are Beyond Repair: If your books are riddled with errors or missing data, it may be more practical to start over.
You’re Implementing New Systems: Transitioning to a modern accounting platform can be a natural point to begin with clean, organized data.
Budget Constraints Exist: Starting fresh can often be faster and more cost-effective than months of reconciliation.

What’s Involved in Starting Fresh?

Close existing accounts and document an official cut-off date.
Set up new accounting systems or processes.
Establish clear procedures for ongoing financial management.

The Benefits:

Focus on current and future business goals without being bogged down by past mistakes.
Create a streamlined, efficient system tailored to your needs.
Save time and money compared to a lengthy reconciliation process.

When handled correctly, starting fresh can give your business a clear path forward while reducing stress.

Factors to Consider Before Deciding

To choose between reconciliation and starting fresh, evaluate these critical factors:

Cost

Reconciliation: Requires significant time and labor, especially if you have years of backlogged data.
Starting Fresh: May involve upfront costs for new software or processes but often saves money in the long run.

Time

Reconciliation: Can take weeks or months, depending on the complexity of your records.
Starting Fresh: Allows you to focus on current operations with minimal delay.

Business Objectives

Reconciliation: Essential for tax planning, audits, or funding.
Starting Fresh: Ideal for businesses undergoing structural changes or upgrading systems.

Compliance Requirements
If your industry has strict reporting standards or you’re preparing for an IRS audit, reconciling is often mandatory.
Long-Term Strategy
Reconciliation provides valuable insights into historical trends, while starting fresh enables you to focus on forward-looking strategies.

A Real-World Example

Scenario: A Texas-Based Small Business Faces Financial Challenges

The Problem:
A growing Texas business fell two years behind on bookkeeping due to rapid expansion and inadequate systems. Tax filings were incomplete, financial reports were inconsistent, and the business needed funding for further growth.

The Solution:
Insogna CPA conducted an in-depth assessment and recommended:

Reconciliation of the previous year’s data for accurate tax filing and compliance.
Starting Fresh with a new accounting system for the current year to streamline operations moving forward.

The Results:

The business can avoid over $20,000 in tax penalties.
Secured funding for expansion with accurate financial reports.
Gained a clear roadmap for ongoing financial management.

Why Choose Insogna CPA?

Making the right financial decision requires expert guidance. At Insogna CPA, we take a personalized approach to solving your financial challenges, ensuring every recommendation aligns with your business’s goals.

Our Process

Comprehensive Assessment: We evaluate your financial records, goals, and compliance needs.
Strategic Recommendations: Whether reconciling past records or starting fresh, we tailor our advice to your unique situation.
Ongoing Support: We provide tools, training, and proactive guidance to ensure sustainable financial practices.

The Insogna Advantage

Expertise That Counts: As a leading accounting firm in Austin, we specialize in helping small businesses navigate complex financial decisions.
Customized Solutions: From reconciliation to modern accounting systems, we deliver solutions tailored to your business.
Proactive Support: We identify potential issues and address them before they become major challenges.

Take the First Step Toward Financial Clarity

Struggling with financial challenges in your small business? Don’t let disorganized records or tough decisions hold you back. At Insogna CPA, we help Texas businesses make informed choices that save time, reduce costs, and align with their goals.

Contact us today for a consultation and let us guide you toward a tailored solution. Whether you need precise historical records or a clean slate for growth, Insogna CPA is your trusted partner in financial clarity and success.

Take control of your finances with Insogna CPA—your expert Austin small business accountant dedicated to empowering small businesses.

Navigating Texas Tax Requirements for New Business Owners

Starting a business in Texas is an exciting opportunity, offering a pro-business environment, no state income tax, and a rapidly growing economy. However, understanding and meeting Texas tax and regulatory requirements is essential for long-term success. Whether you’re forming a Professional Limited Liability Company (PLLC), obtaining an Employer Identification Number (EIN), or complying with Beneficial Ownership Information (BOI) reporting, proper guidance is key.

In this guide, we’ll break down complex processes into simple steps, empowering you with the knowledge to make smart decisions. With help from top CPA firms in Austin, Texas, like Insogna CPA, you can focus on growing your business while we handle the details.

Why Are Texas Tax Requirements Important?

Compliance with Texas tax obligations is about more than avoiding penalties. Proper adherence provides crucial benefits:

Protects Your Business: Avoid fines and disruptions by staying on top of legal requirements.
Maximizes Tax Savings: Take full advantage of Texas-specific deductions and credits.
Builds Credibility: Accurate financial practices establish trust with clients, partners, and investors.

A trusted Austin TX accountant can help you navigate these challenges while optimizing your financial systems.

Step 1: Choosing and Registering Your Business Entity

One of your first decisions as a new business owner is selecting the right entity type. Texas offers several options, including sole proprietorships, Limited Liability Companies (LLCs), and Professional Limited Liability Companies (PLLCs).

Why Choose a PLLC?

If you’re a licensed professional such as a doctor, lawyer, or CPA, Texas law requires you to form a PLLC rather than a standard LLC. A PLLC provides:

Personal Asset Protection: Safeguard personal assets from business liabilities.
Professional Compliance: Ensure your business meets state licensing requirements.

How to Register a PLLC in Texas

File a Certificate of Formation: Submit Form 205 to the Texas Secretary of State.
Appoint a Registered Agent: Designate a person or service to receive legal documents.
Pay the Filing Fee: The $300 fee secures your PLLC’s official formation.

Working with an accounting firm in Austin, like Insogna CPA, ensures your registration process is seamless and error-free.

Step 2: Setting Up an Employer Identification Number (EIN)

An EIN is a federal tax ID issued by the IRS that’s essential for many businesses. You’ll need an EIN if you:

Plan to hire employees.
Operate as a corporation or partnership.
Need to open a business bank account.

How to Apply for an EIN

Applying for an EIN is free through the IRS website and takes only a few minutes. However, aligning your EIN with your business structure and tax filings is critical. A knowledgeable tax accountant in Austin can ensure accuracy and compliance.

Step 3: Filing the Beneficial Ownership Information (BOI) Report

The BOI report is a federal requirement aimed at preventing financial crimes. It requires businesses in Texas to disclose information about individuals who:

Own at least 25% of the company.
Exercise significant control over the business.

How to File the BOI Report

Gather Required Details: Include the full legal name, date of birth, and residential address of beneficial owners.
Submit the Report: File your BOI report through the FinCEN portal.
Update as Needed: Ownership changes must be reported within 30 days.

Failing to comply with BOI requirements can result in hefty fines. Partnering with one of the best CPA firms in Austin, like Insogna CPA, ensures you remain compliant while focusing on growth.

Texas Franchise Tax: What You Need to Know

Texas doesn’t impose a corporate income tax, but businesses may owe a franchise tax if their total revenue exceeds $1.23 million annually (threshold as of 2024).

Key Details

Tax Rate: 0.375% for retail/wholesale businesses; 0.75% for others.
Exemptions: Small businesses below the revenue threshold must still file a No Tax Due Report.
Deadlines: Franchise tax reports are due by May 15 each year.

A helping hand from a small business CPA in Austin TX can help you determine your liability, ensure compliance, and avoid overpayment.

Sales Tax: Are You Required to Collect It?

If your business sells tangible goods or taxable services, you’re required to collect and remit Texas sales tax.

Steps to Comply

Register for a Sales Tax Permit: Apply through the Texas Comptroller of Public Accounts.
Maintain Accurate Records: Track taxable and non-taxable sales.
File Reports: Submit sales tax reports monthly, quarterly, or annually based on your revenue.

An experienced Austin accounting firm can simplify the process, providing tools and expertise to ensure you’re meeting state requirements.

Why Work with a CPA in Austin, Texas?

Navigating Texas tax requirements can be overwhelming, but working with a professional CPA simplifies the process and ensures your business thrives.

Benefits of Choosing Insogna CPA

Comprehensive Services: From PLLC registration to sales tax filing, we cover every detail.
Local Expertise: As one of the top accounting firms in Texas, we specialize in state-specific regulations.
Proactive Support: We anticipate your needs, keeping you ahead of deadlines and opportunities.

Whether you’re looking for ongoing support or help with a specific challenge, Insogna CPA’s Austin accounting services are here to help.

Take the First Step Toward Compliance

Starting a business in Texas doesn’t have to be daunting. With Insogna CPA, one of the best CPA firms in Austin, you’ll receive personalized guidance to navigate tax and regulatory requirements confidently.

Contact us today to schedule a consultation. Let’s work together to ensure your business is compliant, profitable, and ready for growth.

Take control of your financial future with Insogna CPA—your trusted partner for Austin’s accounting services and beyond.

S-Corp vs. LLC: When to Make the Switch for Maximum Tax Savings

Choosing the right business structure is one of the most critical decisions small business owners make. Whether you’re just starting or experiencing significant growth, understanding the differences between LLCs and S-Corps is essential to maximizing your tax savings and aligning with your financial goals.

This guide, crafted by Insogna CPA, one of the top accounting firms in Texas, breaks down the benefits and considerations of transitioning from an LLC to an S-Corp.

1. Understand the Basics: LLC vs. S-Corp

LLC Basics:

Simplicity and Flexibility: LLCs offer a straightforward setup and adaptable structure, ideal for small business owners.
Liability Protection: Like a corporation, an LLC shields your personal assets from business liabilities.
Pass-Through Taxation: LLC earnings are reported on your personal tax return, with profits subject to self-employment taxes (15.3%).

Austin accounting firms like Insogna CPA can help you decide if this structure is still serving your growing business.

S-Corp Overview:

A Tax Election: An S-Corp is a tax status you can elect for your LLC or corporation.
Split Income: Owners can classify income as salary (taxed) and distributions (not taxed), reducing self-employment taxes.
Additional Deductions: S-Corp owners may deduct health insurance premiums and retirement contributions, which an experienced tax advisor in Austin can help you navigate.

2. Key Tax Benefits of an S-Corp Election

Lower Self-Employment Taxes:

LLC owners pay self-employment taxes on all profits.
S-Corp owners only pay these taxes on their salary, not distributions.
Example: An LLC earning $150,000 in net profits pays $22,950 in self-employment taxes. Transitioning to an S-Corp allows the owner to split income as $75,000 salary and $75,000 distributions, saving thousands annually.

Work with an Austin TX accountant to ensure your salary complies with IRS guidelines.

Access to Additional Deductions:

Health insurance premiums and contributions to a retirement plan, such as a SEP-IRA or Solo 401(k), are deductible for S-Corp owners.
Austin accounting services can ensure you leverage these opportunities.

Enhanced Credibility:

Operating as an S-Corp signals professionalism to clients and investors.

3. When Does an S-Corp Make Sense?

Here are the key factors to consider:

Profitability Threshold: Does your business consistently earn $40,000–$50,000+ in annual net profits? If so, tax savings can outweigh administrative costs.
Reasonable Salary Compliance: Can your business support paying you a fair, market-rate salary? A CPA in Austin Texas can guide you on IRS compliance.
Administrative Resources: Are you prepared to handle payroll and file separate tax returns?
Growth Plans: Transitioning to an S-Corp can align with your long-term business strategy.

If you’re unsure, consult one of the best CPA firms in Austin for a personalized evaluation.

4. Steps to Transition from LLC to S-Corp

Form a Legal Entity:

If you’re operating as a sole proprietor, you’ll first need to form an LLC or corporation. A trusted accounting firm in Austin can assist with the process.

File Form 2553 with the IRS:

This form is required to elect S-Corp status and must be filed within 75 days of forming your business or the start of the new tax year.

Set Up Payroll:

S-Corp owners must pay themselves a reasonable salary. CPA South Austin services can simplify payroll management.

Separate Business Finances:

Accurate bookkeeping is essential for compliance. Many Austin accounting firms recommend software like QuickBooks to track income and expenses.

Consult an Expert:

An Austin TX CPA firm like Insogna CPA ensures your transition is seamless and optimized for tax savings.

5. Case Study: How an S-Corp Can Save Thousands

The Challenge:
A local e-commerce business operating as an LLC earned $120,000 annually and faced rising self-employment taxes.

The Solution:
With guidance from a CPA in Austin, the business transitioned to an S-Corp. By splitting income into a $60,000 salary and $60,000 in distributions, the owner saved over $9,000 in taxes during the first year.

The Outcome:

Substantial tax savings.
Streamlined financial management with support from an Austin accounting service.
More capital reinvested into marketing and operations.

6. Why Timing Matters

Timing is critical for a smooth transition:

Filing Deadlines: Form 2553 must be submitted within the IRS’s required timeline.
Mid-Year Adjustments: Transitioning mid-year can complicate bookkeeping, so plan accordingly with an accounting firm in Austin TX.

7. Partner with Insogna CPA for a Seamless Transition

Switching to an S-Corp requires careful planning and compliance. Insogna CPA, one of the top accounting firms in Texas, specializes in helping small business owners maximize tax savings and position their businesses for growth.

Our Services Include:

Tailored evaluations to determine if S-Corp status is right for your business.
Assistance with filing and payroll setup.
Proactive tax planning to avoid surprises.

With our trusted Austin accounting service, you can take the guesswork out of this important decision.

Final Thoughts

Transitioning from LLC to S-Corp is a strategic move that can deliver significant tax savings and growth opportunities. With expert guidance from Insogna CPA, a leading CPA in Austin Texas, you can confidently take your business to the next level.

Contact us today to schedule a consultation and learn how to optimize your tax strategy.

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Best CPA in Austin Texas

Taxes can be more complicated when you have a business, property, and family. Plus, the tax codes keep changing. Hiring the best CPA in Austin, Texas, can make life a lot easier. Experienced CPAs not only ensure you prepare and file your taxes properly and on time, but they can also help you with your bookkeeping and accounting.

If you’re searching for personalized, expert accounting services, look no further than us. At Insogna CPA, we offer a range of services for individuals and businesses. We have the best CPA in Austin Texas committed to offering the highest quality tax and accounting services.

What Makes Our Firm The Best Choice For CPA

According to many of our clients, here’s what makes us the number one choice for CPA.

Taxes Are Our Forte

We know that taxes can be really confusing. But taxes are all about numbers, and we love numbers. As the best Austin accountants, we have plenty of experience dealing with taxes. We’re always up-to-date with the changing tax regulations and rules happening often. This means that by hiring us, you can ensure compliance with all the tax laws.

We’ll Save You Time And Money

While it could take you very many hours or even days to do your own taxes, we’ll only need a fraction of that time to put your taxes in order. Our CPA firm in Austin has done this thousands of times, and each time, we make sure our clients’ taxes are filed correctly.

Plus, we’ll save you money. We have all the latest tax-saving opportunities right at our fingertips because, after all, it’s one of our main areas of focus throughout the year. And it doesn’t matter if you have multiple income streams. You might still qualify for additional tax savings.

Trusted Financial Advisors

As a reliable CPA firm, we’re here to make money matters easy for you. Whether you’re dealing with debt, taxes, or planning for the future, we’ve got your back. Our friendly experts help you figure out how to pay off debts, understand taxes without the headache, and plan for retirement without stress. We also help you choose the right insurance and make budgets that work for you. If you need down-to-earth advice and support to handle your finances, just give us a call!

Better Work-Life Balance

Tasks like recording receipts, setting financial targets, tax returns, and bookkeeping are essential for the success of your business. However, they consume a lot of time. By delegating such duties to our team, you can have more time on your hands to dedicate to your business and family.

Cost Management

Cost management is everything when running a business. And it’s one of the reasons why you need the best Austin accountants. Our CPAs will assess the financial health of your business to determine areas where funds are being spent unnecessarily and recommend cost-saving alternatives. Our goal is to optimize your revenue and help put more money in your pocket.

Premier CPA Firm

If you’re on the hunt for the finest CPA in Austin, Texas, look no further! We’re proud to be a top-rated CPA accounting firm, dedicated to providing unparalleled solutions for all your tax and accounting needs. What sets us apart? We never take a one-size-fits-all approach. Instead, our expert team customizes our tax and accounting services to perfectly fit your unique requirements. Whether you’re an individual or a business, we’ve got you covered. Ready to experience the difference? Contact us today to schedule a consultation and discover why we’re the go-to choice for CPAs in Austin, Texas. Reach out now at 210-942-3962.

Insogna CPA

+1 210-942-3962
3355 Bee Caves Road Suite 503
Austin TX 78746

How to Build Wealth at Each Stage of the Typical E-Commerce Business Life Cycle

Life doesn’t happen all at once. And neither does the wealth-building process.

Wealth building for business owners — just like life — has important milestones that tend to guide a structured financial planning approach for successfully building an appropriate nest egg.

As you move through life and experience each of these milestones, it makes sense to engage a fiduciary specialist who can act as a partner as you navigate issues including business advisory, tax, estate planning, etc.

“Managing many Ecommerce businesses over the years, we tend to see four stages that owners go through, with each phase generally needing a specific set of CPA services,” says Chase Insogna, President of Insogna CPA.

To make the wisest choices possible for your unique situation, understanding the various wealth building stages is important. Keep reading to learn more and see where you are in your journey.

The Four Stages of Wealth Building for Business Owners

Stage 1: Starting Out (<$100K in Annual Revenue)

In this first stage, you’re just getting your business up and running.

Maybe you’re expanding from brick-and-mortar to e-commerce online selling. Your first big month might have just happened or it’s on the horizon.

You’re refining the big ideas of your business plan. You’re continuing to secure capital and laying out strategic objectives and growth targets.

Perhaps you’re still doing all of your own sourcing and pricing.

But to truly propel the business to the next level, it’s time to consider outsourcing back office functions like accounting, inventory management, and tax planning.

Wondering why?

It’s simple. Many up and coming E-commerce businesses think they can juggle it all. And they think handling everything themselves will save a few bucks. But in reality, the DIY approach leads to a significant mess to clean up that erodes any initial savings and can actually end up costing boatloads of money.

Here are just a few reasons to move the accounting function off your plate:

You’ll establish sound accounting practices while you’re building other foundational pieces of your business.

Errors made in the early stages of your operations tend to snowball and create costly problems down the road.

Professional financial records are non-negotiable when it comes time to secure financing.

As eCommerce companies move along the continuum of wealth building, pursuing financing opportunities is common practice. In order to ensure that the financing process proceeds seamlessly, well-kept financial records are essential.

Stage 2: Accelerating ($100K-$500K in Annual Revenue)

During this stage, your business is scaling fast. Keeping up with back-office work is becoming a source of constant stress, your team is growing and so are your profits. Maybe you’ve even left your job to focus full-time on your online business.

Growth is exciting. But it also comes with a new array of complexities. Accountants for entrepreneurs know all about this and can help in a variety of ways during this stage of growth.

Accountants for entrepreneurs help you with all of those things you don’t even know you don’t know.

From sales tax laws, insights about your business, and strategic advice that get you closer to your goals to cash flow requirements, properly maxing out retirement plan funding, and minimizing taxes, accountants that specialize in Ecommerce businesses help you manage things you haven’t even thought about yet.

An accountant can help you properly establish an LLC to protect your business.

If your business is not properly registered, someone could legally claim your brand name. If you sell on Amazon and/or similar platforms, changing your business name and EIN# can result in you losing all of your customer reviews.

Stage 3: Expanding ($500K-$1MM in Annual Revenue)

In this stage, as your workload intensifies even further, a licensed CPA can be your best friend.

It’s likely you have no time to grab yourself a coffee, much less perform enough research to inform seemingly mundane decisions. But with the right CPA firm, you can focus on strategically reinvigorating your company’s momentum and growth.

For example, maybe you’ve decided to hire your spouse and your kids and build a true family business. You know that hiring a spouse can result in tax savings. But this arrangement can backfire if you don’t do it the right way.

From evaluating and prioritizing business goals to solidifying a tax strategy and a financial plan for your future and the future of the business, your CPA serves just like a safety net.

Accounting firms that specialize in e-commerce business can serve as a comprehensive advisory team to:

Offer well-informed, objective, and future-focused opinions about every aspect of your business
Provide you with a procedural and technical knowledge base as you evaluate new software, platforms, etc.
Maximize tax deductions
Estimate your income taxes, and how much is available for potential tax-deferred savings to minimize your current year tax burden as much as legally possible
Evaluate additional insurance needs
Set up payroll as you expand without violating government regulations
Design employment and/or contractor agreements
Construct benefit plans that motivate and retain your top-talent

As you grow your business with a licensed financial business advisor, you’ll be moving into the next phase knowing that you’re setting adequately aggressive profitability goals, creating well-timed acquisition strategies, and developing risk management processes along the way.

Stage 4. Established ($1MM+ in Annual Revenue)

As you accumulate money, property, business gains, and other assets, you’re building wealth. Now it’s time to properly manage that wealth.

Together with a licensed CPA firm, you can design a unique plan for your particular situation that continues to grow and protect your business as well as your personal assets for future generations.

The financial tools and strategies you use as you build and manage your wealth will change with your timeframe, risk tolerance, and overall financial picture.

Click here to learn how an Ecommerce-focused CPA firm like Insogna CPA can help address your business and personal financial goals as you scale your business, your wealth, and your future.

How Businesses Increase Cash Flow by Having A Proactive Tax Strategy

Regardless of how well your business is doing, the tax levied on your revenue probably feels like an extra expense, and it’s often treated this way. Properly managed, however, your tax responsibilities can be turned into an opportunity for growth and stability. Adjusting your attitude towards and treatment of your taxes and adopting a proactive tax strategy can actually increase cash flow for your business.

Instead of thinking about taxes at the end of the fiscal year, it’s in your company’s best interest to create a proactive tax strategy while there’s still plenty of time to implement it. In this article, we will outline the benefits of creating a proactive tax plan early that will improve your cash flow, build more resilience into your business model, and allow you to pay less tax at the end of the year.

What Is Cash Flow?

When you’re running a business, whether small or large, cash flow management is vital to your success. Your cash flow is how much money is available to your business at a given time and how it is best used to maintain operations.

The net income your business receives from sales or services, less expenses, is taxable. So, while you will most likely put that money back into operating your business, you must always put a percentage aside to pay an appropriate amount of tax. So what is an appropriate amount? That is where ongoing advisory can help.

A large tax bill at the end of the year has the potential to cripple your businesses cash flow if not managed properly. Applying forecasting strategies will ensure that you’ll have the funds you need when taxes are due.

Save for Future Costs

When your business is going strong and gushing cash, using that extra cash can be tempting to invest, increase salaries, and embrace growth strategies. You want to be visionary when deploying cash flow based on your business and personal financial goals.

Most businesses have a cyclical nature, which means they are more profitable at a certain time than others. This requires critical cash flow forecasting so not to overspend during strong cash months and not leave enough for lower cash-flow months (plus taxes owed).

If you want to strengthen your balance sheet and use cash-flow forecasting for planning growth and achieving financial goals, it’s advisable to regularly update your forecast in real-time. Additionally, you want to set aside savings in an account to pay your estimated taxes.

Understand Tax Obligations

It’s important to understand the taxes you need to pay before it comes time to pay them. The tax system in the USA regarding sales tax, for instance, permits each state to set its own rates for particular items. It is also regional, meaning that areas of a state have the autonomy to set their own rates, too. Self-employment tax, personal property tax, excise tax, franchise tax and more comprise the taxes you may be subject to paying.

To make matters more difficult, tax laws change from year to year. Research your state and region’s rules regarding tax payments and employ a Certified Public Accountant (CPA) if necessary; a CPA can ensure your books are correct, your tax is paid on time, and will save you money where legally possible.

Consulting with a CPA throughout the year will ensure that your strategic cash-flow forecast and tax strategy plan is on-target for year-end. As you make investments, face new challenges, and set new goals, your CPA will make sure that you aren’t missing out on possible deductions and other opportunities to deliver the most savings legally possible.

How Can A CPA Help?

You can get in touch with a Certified Public Accountant (CPA) for help with tax strategizing. Outsourcing these responsibilities can help alleviate inexperience in these subjects, allowing you to focus on things that make you great.

The right CPA can help create an ongoing cash-flow forecast and proactive tax strategy that helps you maximize savings and reach your financial goals.

Contact us at Insogna CPA for our team approach to helping manage your cash-flow forecast and ongoing tax planning strategies so you avoid paying the IRS more than you have to.

Want help managing your cash-flow forecast and ongoing tax planning? Contact Insogna CPA today to learn more about how our team approach can help your business achieve its financial goals.