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Your Tax Return Shows Profit, But Where’s The Money?
By Adam Litster, CPA — Better Biz Info · Originally shared with subscribers of The Profit Shift.
Tax Season Stress, What to Do Right Now
Tax season can bring up a lot of anxiety and cash flow stress for business owners. Sometimes it’s, “How do i find the right tax person for my business?” Sometimes it’s, “Are they actually helping me, or just putting numbers on forms?” And sometimes it’s the worst one of all, “My return says I made money and owe taxes, but I don’t have the cash” If that’s where you are right now, you are not alone. This week, my goal is to make sure you know that we are here for you, and to give you a clear direction to move forward with confidence.
1) How do I get really good help with my taxes?
A lot of tax accountants are decent at filing returns. Far fewer are great at strategy . Good tax help is not just someone plugging numbers into software. A great tax professional helps you think ahead, avoid mistakes, and make decisions that save taxes without hurting your business .
One red flag I see often, owners are told to buy things they don’t need just to reduce taxes. Sometimes that works on paper, but it can hurt badly in real life if it drains cash you needed for payroll, rent, or operating costs. Need a recommendation for a good tax accountant? We have a list of CPA’s that we have worked with and vetted. Reply to this email and we’ll send you a list of great options!
2) How do I know if my tax accountant is doing a good job?
Here’s a simple test, a good tax accountant should help you feel more clarity and more confidence , not more confusion. They should be helping you make smart tax decisions, not just reacting at filing time.
3) “My taxes say I made a profit, but I don’t have any cash to pay the tax bill”
This is one of the most painful tax season moments, because the return says one thing, but your bank account says something else. You may have profit on paper, but cash got eaten by timing, debt payments, owner draws, or some other unknown expense.
I can’t magically erase a surprise tax bill today, but I can tell you this, there is a way to prevent this from happening again. That solution is Profit First .
Where we can help
We don’t file taxes at our firm, but we help owners get the right support and make sure the tax conversation is actually connected to real business health.
If any of these three questions hit home for you this week, reach out. You don’t have to carry tax season stress by yourself.
Want help putting this to work in your business? Take the free Profit Assessment, book a free call, or explore our Fractional CFO & coaching.
