With the 2015 income tax deadline just past, 20/20 Tax Resolution
offers tips to make 2016 tax preparation less painful and more profitable
DENVER–(BUSINESS WIRE)–#taxdebthelp–According to Internal Revenue Service data, nearly one third of all
Americans wait until the last minute to file their federal income taxes.
And that delay can come at a hefty price, say tax consultants at 20/20
Tax Resolution. Therefore, taking the time right now to plan
for next year’s tax deadline is the surest way to ensure you and your
business feel less pain and don’t run into trouble down the road.
“Business filers can take an average of 24 hours to prepare their annual
tax returns,” said Brian Biffle, president of 20/20 Tax Resolution in
Broomfield, Colo. “But for complex returns, that figure is typically
much higher and poor planning comes with huge opportunity costs,
including the risk of missing deductions, making errors and increasing
stress due to the hurried rush to finish by the deadline.”
Instead of incurring these costs and risking another stressful tax
season, Biffle and his consultants advise clients to take action
“Our clients come to us when their situation seems so dire they have no
option but to seek professional assistance,” said Biffle, whose agents
provide tax resolution services to clients facing action by the IRS or
state taxing authorities. “But with a little proactive planning
throughout the year, businesses and individuals can vastly decrease the
pain of tax preparation and even save themselves the possibility of
needing 20/20’s services in the future.”
Here are 20/20’s top tax planning tips for 2016:
Start maintaining better records: It seems like a no brainer,
but maintaining organized, accurate records throughout the year is the
quickest way to reduce tax headaches come next April.
Get organized: If your accounting system is a hodgepodge of
spreadsheets and documents in a folder called “Taxes” on your hard
drive, now is the time to research and identify a manageable system
for 2016. There are a lot of products available for nearly every need,
no matter the size of your business.
Get educated: You probably asked your accountant about a half
dozen questions in the last week about your taxes (and they were the
same six questions you asked last year). Take the time now to educate
yourself on all things tax related.
Plan for estimated taxes: If you were unprepared for your tax
bill this year – just as you were last year and the year before that –
start planning now for your quarterly and annual estimated taxes.
Accurate planning takes the bite out of tax season.
“Obviously, we specialize in helping people resolve their tax issues
when problems arise,” said Biffle. “But following these tips can help
businesses start off on the right foot, and keep them from running into
the problems that bring so many distressed taxpayers to our door.”
About 20/20 Tax Resolution
20/20 Tax Resolution has been providing compassionate tax solutions for
more than 17 years. We negotiate on our clients’ behalf with taxing
authorities and develop a manageable resolution strategy that meets the
needs of all parties. This ensures our clients achieve the resolution
they need while allowing them to continue to manage their life and
business. For more information, visit www.2020taxresolution.com
or call 1-800-880-7318.
for 20/20 Tax Resolution
Jim Dissett, 303-532-7392