Bohemia, NY (PRWEB) December 10, 2013
Lawrence Teicher, leading Long Island CPA and founder of CFO Consulting Services, responds to an article published by Fox Business, which reminds small businesses to start preparing for tax season.
According to the Fox Business article titled “Get Your Small Business Ready for Tax Season,” it is time for small businesses to start thinking about their year-end financial information. For businesses that do not keep track of business expenses throughout the year, getting an early start on tax season is especially crucial to prevent being overwhelmed after the New Year.
The article says small business owners that employ an accountant or bookkeeper should meet with them before the end of the year. Meeting with your accountant or bookkeeper for the first time too close to the April 15th tax deadline leaves room for disastrous errors. It is better to meet with your accountant during the holiday season, which is generally a relatively slow time of the year for tax professionals.
For small business owners that are not master bookkeepers, this may be the year to look into accountant services, the article says. The increasingly complicated tax code might confuse those who are not up-to-date. Even if business owners are able to decipher the incredibly complicated text, they could still miss tax deduction and credits that would save them money on their taxes. Therefore, hiring an experienced tax accountant might actually end up saving business owners more money during tax season.
Lawrence Teicher, renowned Long Island CPA and founder of CFO Consulting Services, agrees that there is no disadvantage to starting tax season preparation before the end of the year. “One of the most common mistakes small businesses make is to put off tax planning until the new year,” he says. “While this is understandable, it is often impossible to make important changes after year end.
Teicher also agrees that most small businesses would benefit from hiring a tax professional. “Not only will some small businesses save money from hiring an experienced tax expert, it will also free the business owner to spend the spring thinking about new ways to grow their business. That is an almost invaluable asset.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.