UBCNews - Business - Tax Prep Throughout The Year? Absolutely, Here's How Your Business Can Benefit

Episode Date: November 17, 2025

You know, it's fascinating how many business owners only think about taxes when April rolls around. But here's a shocking statistic that might surprise our listeners - about 37% of business owners actually feel nervous, scared, or bad about filing taxes. What's your take on this? Associates in Accounting, CPA City: Louisville Address: 9405 Mill Brook Road Website: https://www.associatesinaccountingcpa.com

You know, it's fascinating how many business owners only think about taxes when April rolls around. But here's a shocking statistic that might surprise our listeners. About 37% of business owners actually feel nervous, scared, or bad about filing taxes. What's your take on this? That's a really eye-opening number, especially when you consider that most of these are educated professionals. You know, in my 15 years of experience, I've seen this anxiety firsthand. and it usually comes down to one thing, waiting until the last minute to think about taxes. Mm-hmm.

And that waiting game can be pretty costly, right? Oh, absolutely. It's like trying to pack for a month-long trip an hour before your flight, you're going to forget something important. One of the biggest mistakes I see businesses make is treating tax planning as a once-a-year event rather than an ongoing process. Can you break down some of the other common mistakes you've observed? Sure thing. I'd say there are three major pitfalls. First, keeping messy books. You wouldn't believe how many people still come in with a shoebox full of receipts. Second, missing those quarterly estimated tax payments, which can lead to some nasty penalties. And third, not staying on top of state and local tax obligations. You know what I mean? That makes a ton of sense. And speaking of keeping organized books, what's your recommendation for businesses that are feeling overwhelmed by this? Start small. Carve out just 30 minutes to an hour each week for bookkeeping. It's way better than facing a mountain of receipts and transactions come tax season. And hey, once you get into the rhythm, it becomes second nature.

That's a great point. We'll come back to that in just a moment. But first, a quick word from our sponsor. Are you tired of tax time stress? Associates in accounting CPA in Louisville understands your challenges. Our experienced team of CPAs provides tax planning, bookkeeping, and payroll services to keep your business financially healthy year-round. Don't wait until tax season to get your finances in order. Visit us at Associates in Accounting, CPA.com to learn how we can help your business thrive. We're back, and I'm curious. What role should a CPA play throughout the year, not just during tax season? You know, that's such an important question. A qualified CPA should really be like a financial navigator for your business. They can help with four key areas throughout the year, evaluating your

business structure for tax efficiency, reviewing how owners receive benefits, maximizing deductions, and implementing specific tax planning techniques. Have you ever wondered why some businesses seem to handle tax season with such ease while others scramble? Oh man, I see this contrast all the time. The businesses that handle it well typically have quarterly check-ins with their tax professionals, they're reviewing year-end projections regularly, and they're keeping an eye on tax law changes. It's about being proactive rather than reactive. Right. And speaking of being proactive, let's talk about retirement plans. I understand they can be a powerful tax planning tool. Definitely. For 2024, employers can contribute up to $69,000 to certain plans,

which is pretty significant. These plans are amazing because they offer that dual benefit. You're saving for the future while getting immediate tax advantages. It's like killing two birds with one stone, you know. That's fascinating. What about state and local taxes? I feel like these often get overlooked. Oh, yes, this is a huge blind spot for many businesses.

They're so focused on federal taxes that they forget about state and local obligations. and with more businesses operating across state lines or selling online, it's getting more complex. You've got to stay on top of sales tax, income tax, franchise tax, it's a whole thing. What would you say to business owners who are worried about the cost of year-round tax planning? I get it. I really do. But here's the thing. Think of it as an investment rather than an expense. The money you save and avoided penalties, maximize deductions, and strategic planning usually far outweighs the cost of professional help. And what about businesses that feel they're too busy for regular tax planning?

Look, I understand having an endless to-do list, but I always tell my clients, you're either going to spend time planning throughout the year, or you're going to spend way more time and money scrambling during tax season. Which would you prefer? That's incredibly practical advice. Before we wrap up, what's the single most important takeaway you'd want our listeners to remember. The best time to start tax planning is today. Not next quarter, not next tax season, today. Whether it's setting up that weekly bookkeeping time,

scheduling quarterly check-ins with a CPA, or just starting to organize your records better, take that first step. Fantastic advice. And for our listeners who want to learn more about professional tax planning assistance, where should they go? They can visit Associates inaccountingCPA.com to learn more about tax planning services. Keep in mind the goal goes beyond simply complying with tax laws.

It's about strategically positioning your business for financial success throughout the year. Thanks so much for sharing your expertise with us today. This has been incredibly informative. Thanks for having me. And remember everyone, tax planning isn't merely about getting through tax season. It's thriving throughout the entire year.