The new tax season has already started. Are you ready for it yet? Whatever you do, don’t procrastinate; don’t put off paying taxes until it is too late. Remember, you have to file your returns by April 18 this year.
Here are the most important things you should be doing this early in the tax season.
The tax filing deadline in the US is usually April 15, but this year it has been extended 3 days, to April 18, 2017, which falls on a Tuesday. This means you will have an additional weekend to file your taxes and get your documentation in order.
As an accounting firm, one of your biggest expenses would be the money spent on travelling, to meet clients face-to-face. You must travel to the client’s location when doing an audit, for example. That requires a hands-on involvement.
It’s 2017. Are you ready with your plan for the next 12 months yet? By this time, you should have already studied your previous year’s plans and analyzed your results. You should have a good idea of where you had gone wrong in the previous year and where you need to improve. Every CPA firm needs to do that.
There is no reason for accountants to work only from a cubicle in the office. Now, with the world becoming so interconnected, it is possible for you to be on top of your work, no matter where you are currently located. You can work on your clients’ files while relaxing on a beach in Phuket in Thailand or having coffee in a cozy restaurant in Italy.