This time of year is when we go through our "round" of mid-year meetings with the majority of our clients. These are multi-purpose meetings where we discuss many aspects, from the performance of their practices, to projecting the remainder of the year, to the income tax impact to whatever the client wantsneeds to discuss with us.
One of our primary goals with all of our clients is to help them avoid the bad surprises, you know, a surprise like finding out in late March or early April that you owe $25,000 in income taxes and you had no idea. Once you're in that position there's little else you can do to avoid it and it leaves a very bad taste in your mouth.
There is a phrase I use in many of my lectures, i'm not sure where I heard it, "failing to plan is planning to fail". We believe very strongly that as business owners, you must always maintain a "planning" mindset. Now is the time every practice owner should be evaluating where they are with respect to their practice results, where they're going, areas they need to improve upon in the next 12-24 months and areas that need immediate attention.
Make the time to review these things and to get a handle on your financial situation, both practice and personal and plan accordingly. Don't wait until it's too late to get one of those surprises that none of us like to get.
From an income tax perspective, between now and the end of the year, run the numbers so you can decide what you want your income tax picture to look like and take the necessary steps to ensure that you've put yourself in the best possible tax position that's right for you and your situation.
Do you like Surprises? If not do something about it.
This first appeared on NewDocs.
Send your questions to Tim Lott, CPA, CVA at tlott@dentalcpas.com
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