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NEWS: TAX


‘Tis the Season: March Madness and Tax Madness


Posted on March 15, 2012
Written By Scott W. Taylor 



 

There are two seasons that matter most this time of the year: March Madness and Tax Madness.  March can bring huge exhilaration as well as great despair: last second efforts, great comebacks, or heroic attempts to change the outcome.  And that’s just for tax season!  

As we all complete our NCAA brackets, knowing full well we may end up losing a bet or owing someone lunch, the enthusiasm for March Madness brings excitement with team choices, strategy, game-plans and history.  In basketball, it’s important to understand where your team’s strengths are and how to play to them in order to maximize the skills on the court.  Likewise, it is important to understand where you may be weakest so that you can compensate for those areas.

Just as we all watched, listened, read and studied this basketball season before we filled out our individual tournament brackets , it is important to put as much attention if not more into the more vital game related to the other season we are “celebrating”: a game plan for our business taxes and our personal finances.

Tax planning should not be a game of chance or create madness in the slightest degree.  Just as basketball players and our favorite teams keep in tip top shape in order to run the full game plan, business owners need the same training and focus in their businesses. 

Take the season’s celebrations as a reminder to evaluate yourself and your business by answering these five questions:

  1. Does my Certified Public Accountant and tax advisor have a structured game plan prior to the season?
  2. Has my Certified Public Accountant and tax advisor been ready in the past for changes in the game plan that often come because of injury or unexpected event, with creative plays and action plans?
  3. Does my Certified Public Accountant and tax advisor just randomly pass the ball around the perimeter of the court or throw-up three pointers at the last-second and hope they go in?  Are they professionally invested in the timely needs of the business?
  4. Does my Certified Public Accountant and tax advisor operate alone or does he involve key specialists within his organization to maximize my business’ potential in non-tax areas?
  5. Does my Certified Public Accountant and tax advisor protect me against trouble and provide real tax structuring or am I just lucky to avoid penalties and audits?

As you evaluate your advisors and reflect upon your own bracket for the March Madness basketball tournament, commit to determine your own luck this year. Feel free to contact our office for a no strings attached professional evaluation.  The game of life and business is not a game of chance - it is a game of strategy and planning and can be Madness if not coordinated properly.

Happy March Madness everyone!










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