As a nearly 70-year-old full-service accounting firm, Whyte & Associates, Inc. has come to know many industries, sectors, and specific businesses and organizations very well. However, we do not pretend to understand the intricacies and complexities of your business, industry, or “space” better than you do. There are certain things that only become second nature with exposure to these obligations, tasks, and requirements, day in and day out.
Likewise, our professionals in Rancho Cucamonga, California, do not expect you to know all the ins and outs of tax law and filing procedures. In fact, they demand expert services as legislation and related filing processes have never been more complex. They are also changing at a blistering pace. It can be hard to stay on top of these changes, especially if they are not in your “wheelhouse” or area of expertise.
Clients who try to go through this process on their own may end up being rushed. They leave the planning and filing to the last minute. What happens is they also leave money on the table in the form of credits, deductions, and other opportunities to reduce their tax bill. They may end up unnecessarily paying more. In the rush to file, taxpayers could underpay and be subject to additional penalties and fees for not paying in full. Penalties may also be assessed for failing to turn around your documentation by the deadline. Any errors within your return also present an audit risk. By partnering with our experienced team, you can avoid the pitfalls that have plagued clients before they reached out to us. Yes, we can learn from others’ mistakes!
For starters, we encourage you to rethink your perception. Think beyond these obligations at a certain time or season. A little year-round effort can pay off in a big way, as opposed to shoving all of your resources toward tax obligations as deadlines approach. Additionally, we do more than “tax preparation.” In addition to preparing these forms, we help you be ready year-round with financial planning/consultative services. We also urge you to think of simple steps and “timing” as a means of securing significant savings on the tax bill.
An example of this consideration in action is, say, you donate to charities annually. But you don’t itemize the deductions. Your thinking is that the annual total is less than the standard deduction. However, you could donate higher amounts less frequently (every five to 10 years). Then, you can take itemized deductions for those years and the standard deduction for the other years.
We understand that you obviously do not want to underpay, nor do you want to be at risk of potential penalties and other negative consequences. However, there can be a bit of paralysis that occurs when your fear is outsized and dwarfs all of the possible rewards and opportunities for savings. This approach can ultimately cost you because you may “overpay.” As tax professionals, we avoid costly missteps while securing cost savings. And, in the rare event that your return is flagged for an audit, our Enrolled Agents are authorized to represent all taxpayers at every administrative level and office of the IRS.
To get your tax matters on track, schedule a consultation at Whyte & Associates, Inc. today. Call our team in Rancho Cucamonga, CA, at (909) 575-0080.
