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Beyond Tax Day: Maintain a Productive Relationship with Your Twin Cities Tax Accountant All Year

Tax Day may have come and gone, but that doesn't mean your relationship with your accountant should go on hiatus until the next filing season. Maintaining open communication and a collaborative approach with your accountant throughout the year significantly benefits your financial health. 

At Passageway Financial, we work with our clients year-round to ensure they follow the right tax plan and utilize tax strategies. Use these tips to ensure you have ongoing check-ins with your Twin Cities tax accountant.

Schedule Regular Check-Ins With Your Twin Cities Tax Accountant

Don't wait until next April to reconnect. Schedule quarterly or bi-annual meetings with your accountant to discuss your financial situation. These check-ins provide valuable opportunities to:

  • Review your financial performance: Analyze income, expenses, and overall economic health.
  • Identify potential tax strategies: Discuss proactive ways to minimize your tax burden throughout the year.
  • Plan for upcoming financial events:  Prepare for significant purchases, investments, or future tax implications of business decisions.
  • Ask questions and address concerns:  Don't hesitate to raise any financial questions or roadblocks you face.

Keep Your Twin Cities Accountant Informed

Think of your accountant as your financial confidant. Here's how to keep them in the loop:

  • Provide ongoing documentation:  Don't wait until tax season to gather receipts and bank statements. Electronically send invoices, bills, and other relevant documents throughout the year. This streamlines the filing process and ensures accuracy.
  • Communicate significant life changes:  Getting married, having children, starting a business, or even substantial income fluctuations can all impact your taxes. Inform your accountant about these changes to ensure they can advise you accordingly.
  • Seek guidance on financial decisions:  Whether considering a new investment opportunity, a real estate purchase, or major business decisions, consulting your accountant can help you navigate potential economic implications.

Utilize Your Accountant's Expertise

Your accountant offers a wealth of knowledge beyond just tax preparation. Here are some ways to leverage their expertise:

  • Request budgeting and financial planning assistance:  Work with your accountant to create a personalized budget, set financial goals, and develop a long-term financial strategy.
  • Seek guidance on tax implications of business decisions:   If you're a business owner, your accountant can advise on tax-efficient business structures, deductions, and tax filing strategies.
  • Get help with bookkeeping and accounting software:  Many accounting firms offer bookkeeping services or can recommend software solutions tailored to your needs.

By maintaining consistent communication and utilizing your accountant's expertise throughout the year, you can cultivate a valuable partnership beyond tax filing. This proactive approach empowers you to make informed financial decisions, build a secure financial future, and achieve your financial goals.

You can also consider exploring cloud-based accounting platforms that allow you and your accountant to access and update financial information in real time. This enhances collaboration and streamlines communication.

Call Us When You Need Small Business Accounting Services in the Twin Cities

When you need tax planning services, call Passageway Financial's trusted, experienced accountants. We offer complete accounting, tax preparation and planning, bookkeeping, and payroll services to Minneapolis, MN and St. Paul, MN. Contact us today to schedule a consultation!

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