Oct 26 2009
Why do I need a compiled financial statement?
Our objective is to keep your individual income tax liability as low as possible. The vehicle we use to get there is a compiled financial statement. Basically, a compiled financial statement represents your financial data in our professional format. Without at least quarterly compiled financial statements it is impossible to calculate your income tax liability.
Tax planning is our main focus. We need your information on at least a quarterly basis in order for us to be effective tax planners. Tax planning occurs through out the tax year and timely and accurate financial data is required. Tax planning cannot occur if your financial information is compiled after the end of the tax year.
If you want to be on our priority list during tax season remember; tax returns with the most current compiled financial statement will get done first. The best way to avoid filing an income tax extension is to keep your compiled financial statements up to date throughout the tax year. This will also provide us the greatest opportunity to influence your income tax picture in a positive way.
If you want to avoid big surprises about how much you owe at tax time, we will need your financial data periodically through out the tax year. We cannot calculate your income tax liability without all of your financial information.
