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SBGM

Knowledge to Transform Your Medical Practice

Best January Tax Tips 2020

By Trey Whitt CPA

This contains tax tips that every business should know

Businesses

Now that we have turned the calendar to a new year, it is that time again to begin planning for the completion of your tax returns and other year-end work. Yes, you have several months until your returns are due, but so does everyone else. That is why it is important for you to beat the rush.

To get started, ask your accountant for an information request list. Even if you think you know what is needed, it is good to ask in case requirements have changed. This document can also serve as a checklist to help you stay organized There may be some preliminary steps that your accountant can complete while you assemble full information, so it is important to know whether your accountant would prefer you deliver the information piecemeal or in a single complete package.

If you know in advance that you will need an extension of time to pull together your tax and financial information, inform your accountant now so that they can handle that filing before tax season really heats up.

Individuals

If you are a returning client, your accountant will often furnish you with a tax information organizer that is preprinted with your prior-year tax information. Use this organizer to assist you in determining what tax information to gather for this filing season. Around this same time, other tax documents, including W-2s and 1099s, should be arriving. Keep an eye out for mail marked “Important Tax Information Enclosed.” If you inadvertently throw away any of these documents, obtaining a replacement can be almost impossible.

For many taxpayers, the final documents necessary to complete their individual returns do not arrive until the middle of September. If you are an owner in a pass-through entity (eg, an S corporation or LLC) then you may not be able to file your return until September or October. If you know this will be the case, contact your accountant now to make plans for filing extensions and scheduling quarterly tax payments.

by Trey Whitt, Partner, DentMoses, LLP, Birmingham, AL

See also our blog on Year-End Tax Tips (it’s not too late to attend to some of these!)

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Filed Under: Administrating Excellence, Building the Office, Growing the Practice Tagged With: Accounting for Physicians, Finance, Growing the Practice, Medical Practice Finances

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