Let's Talk About Taxes: How to Prep Your Business & Taxes as Cleanly as Possible

Robert (Bob) Gorton is a CPA and Founder of Gorton & Company. He has over 30 years of experience providing accounting and tax services to a diverse client base. In today's episode, he shares what business owners need to be aware of when it comes to end-of-the-year tax planning to make sure their tax returns and claims go as smoothly as possible. He also explains why it's important to find a specialized person with tax knowledge to handle your books because the wrong or inexperienced professional can really set your business back.

Key Points

[2:05] What should business owners be thinking about when it comes to their year-end tax planning?

[3:30] Ideally, Bob wants to have communication with his clients at least quarterly to understand what's happening within the business..

[3:40] Who should be doing the books? And how can business owners make sure they're correct?

[6:20] Bob recommends not to pre-pay for things that extend to the new year. However, he explains what to think about from a tax perspective if you do need to pre-pay.

[7:20] Regular check-ins with your CPA/Tax accountant can save you a lot of time and hassle.

[8:35] It's a good time to do or think about year-end planning during the months of Oct-Dec.

[12:55] Jennifer shares a tax horror story.

[14:00] It's so important to hire the right tax professional. Regular CPAs are not going to have in-depth knowledge on tax codes.

[18:00] What is the 'quality of earnings' and why is it important?

[24:30] What should business owners look for in a CPA?

[25:15] What makes Bob different?

[26:15] Bob shares his number one business tip.

Tip of the Day:

Have an exit plan and work with your advisory team towards that plan.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Robert (Bob) Gorton

Website

Email: bobg@gortoncpa.com

Phone: 978.705.4400

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

"Unfortunately, folks want to get this done as cheaply as possible, and that gets people into trouble."

"There's a lot of competent CPAs out there that don't do this kind of work. They're not as focused on what kind of impact is going to have on the business owner down the road."

"The numbers aren't going to lie. When you go through due diligence to sell your business. The people on the other side are smart. They're going to look."