Why Your Business Needs a Mid-Year Financial Check-up

mid-year financial check-up

The warm weather is finally here and while you’re probably thinking about how to make the most of your summer, it’s also a good time to think about the health of your business. Are you on track to meet your goals for the year? Are you lying awake at night worrying about how much you’ll owe at tax time? A mid-year financial check-up will help ensure that you are on target.

Avoid Tax Surprises

“A true show stopper to a budding business is getting whacked with a big tax bill.” says TSLNH Founding Partner Melissa Laverty. “We encourage all of our business clients to schedule a mid-year financial check-up.” A mid-year financial check-up gives you time to anticipate and react to circumstances that could otherwise increase your business tax exposure.. “Too many business owners miss tax-saving opportunities by waiting until the end of the year—or even worse, waiting until tax time—to ask how they can save money,” she adds. “Saving tax dollars is like good comedy. It’s all about timing,” Laverty says.

Make Sure it All Makes Sense

If you are managing your own bookkeeping, it’s especially important to have your books reviewed for accuracy and efficiency. During your mid-year financial check-up, the TSLNH team will dig into your QuickBooks file, reviewing both your data and the methods you used to get the data in there. We will make recommendations for any areas of concern and provide suggestions on how to save time on your bookkeeping tasks.  Why wait till the end of the year to find out you’ve been misclassifying transactions? This only creates more work and stress for you.

Once we have solid numbers, we will carefully calculate your expected tax.  We will also provide guidance on how to save and send in those tax dollars. “Failure to follow the Internal Revenue Service’s “‘pay as you go” program will result in additional penalties that are so easily avoided,” Laverty adds.

Reduce Stress and Worry and Focus on What Really Matters

Worrying about what you might owe will definitely take up valuable real estate in your brain.  This holds you back from being fully present in running your business. What if you spend that energy and brainpower growing your business instead?  Hey, maybe you could even take a vacation this summer and enjoy the beautiful weather!

Schedule Your Mid-Year Financial Check-up Today

Make sure you are on track and doing everything you can to run a successful business. Contact the professionals at Tax Services of Londonderry NH today to schedule your appointment.