Let's Talk About Taxes: How to Prep Your Business & Taxes as Cleanly as Possible

Robert (Bob) Gorton is a CPA and Founder of Gorton & Company. He has over 30 years of experience providing accounting and tax services to a diverse client base. In today's episode, he shares what business owners need to be aware of when it comes to end-of-the-year tax planning to make sure their tax returns and claims go as smoothly as possible. He also explains why it's important to find a specialized person with tax knowledge to handle your books because the wrong or inexperienced professional can really set your business back. 

 

Key Points

[2:05] What should business owners be thinking about when it comes to their year-end tax planning? 

[3:30] Ideally, Bob wants to have communication with his clients at least quarterly to understand what's happening within the business.. 

[3:40] Who should be doing the books? And how can business owners make sure they're correct? 

[6:20] Bob recommends not to pre-pay for things that extend to the new year. However, he explains what to think about from a tax perspective if you do need to pre-pay. 

[7:20] Regular check-ins with your CPA/Tax accountant can save you a lot of time and hassle. 

[8:35] It's a good time to do or think about year-end planning during the months of Oct-Dec.

[12:55] Jennifer shares a tax horror story. 

[14:00] It's so important to hire the right tax professional. Regular CPAs are not going to have in-depth knowledge on tax codes. 

[18:00] What is the 'quality of earnings' and why is it important? 

[24:30] What should business owners look for in a CPA?

[25:15] What makes Bob different?

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