Growth Group | Accounting for Musicians

Don’t Delay, It Will Hurt More

Three new customers, 11 non-filed tax returns dating back 4 years, and it’s going to cost them. Staying on top of your finances is crucial to your business success. Forgetting or regretting filing a tax return can get you in more of a financial pinch. Here are a few tips to get you started:

    1. Ask an accountant:  Growth Group provides a free consultation for accounting services, ranging from 30 minutes to an hour depending on your needs, many other accountants do as well. During this consultation you can learn what the professional accountant can do to help you stay on top of your finances. Google searches don’t provide the most accurate or timely information.
    2. Know the requirements: Additional responsibilities come with owning a business. Knowing the rules of business including tax filing requirements will ensure you are not charged penalties, fees, and interest for which you’ll blame your own lack of research (reread step 1; Google isn’t always right).
    3. Follow through: Simply put, do it. You’re busy, I know! You could lose hundreds maybe even thousands of dollars for not filing tax returns, when required. The IRS alone has penalties for not filing, not paying, and even for not estimating your taxes correctly. So, if you do step 1 and 2 you’ve already eliminated two of these potential hits to your wallet.

You miss deductions, write-offs, and tax credits when you do not keep good records and file your taxes on time. How can you remember what business expenses you had, what mileage you drove, or how much you paid your employees 3 years later? Most of us can barely remember what we had for dinner last night.