Whether speaking of personal or business taxes, you know that you must pay your taxes each and every year—so you must be wondering if creating a tax plan is essential? If you live in the Roanoke, VA area, CPA Micah Fraim will work with you to create a personalized tax plan to provide you with the following benefits.
Ensure You Have Enough Money Set Aside For Taxes
If your personal finances have reached a point where you no longer receive an annual refund, and are instead required to pay taxes—creating a tax plan can help you to determine how much you need to set aside each month, so that you are not scrambling when your taxes are due to come up with the money you owe.
If you are a business owner or a self-employed freelancer, estimated quarterly taxes are due every 3 months—making tax planning even more important.
Ensure You Are Managing Documents Required For Credits And Deductions
Aside from ensuring you are setting aside enough for your taxes each month, tax planning includes the process of identifying the tax credits and deductions you are eligible for. Once those are determined, Micah will work with you to create a unique tax plan to track and manage the documents and information required for your credits and deductions.
Assist You With Creating A Tax Payment Plan If You Are Not Able To Pay Your Taxes In Full
If for some reason you are not able to pay the taxes that are due, your taxes must still be filed in a timely fashion. Micah will work with you to explore what other options you have for making payment arrangements to the IRS. He will also help you to devise a new tax plan for the upcoming tax season, to ensure that you are in a better position the next time you file.
These are just a few benefits of working with CPA Micah Fraim to create a tax plan for your personal or business taxes. To learn more call Micah today at (540) 314-0345 to schedule a consultation.