Income Tax Projections
His pulse raced, his hands and brow dampened, and he squirmed in his chair as he sat across from his accountant. How could I owe $30,000 to the IRS? There had to have been some mistake. He couldn’t possibly owe the IRS $30,000.
Unfortunately, this happens more often than you might think and it could have been avoided altogether if he had come to us earlier in the year for tax planning. Over the past few months, we have been hearing from our clients that they want to become more informed. Well, you asked and we are delivering! We have been busy putting together a monthly online blog and newsletter that focuses on certain topics to help you understand some of the new tax laws and other financial responsibilities.
Educating you is important to us because one of the worst scenarios for us is to be sitting across from a client and watching their reaction as we tell them they owe the IRS $30,000. We don’t want to deliver bad news any more than you want to hear it, which is why we offer a service called income tax projection. With income tax projections, we can project your tax liability for the year and offer suggestions for how you can reduce that liability (and potentially receive a bigger refund!) At the very least, we can help you plan your cash flow for the liability so that your jaw isn’t the one hitting the floor when you come in to review your tax return.
Better yet, most of the work can be done via email and is billed at our hourly rates, which we can give you an idea of after a brief telephone or in-person consultation. A bit of money today could save you far more in the future and prevent that unpleasant surprise from ever occurring. In the meantime, remember the old saying “an ounce of prevention is worth a pound of cure” and call our office today at (813) 514-8273 to schedule a consultation.