Did you have a chance to read our manger’s article in the Boerne Business Monthly in between school shopping? Valerie wrote an educational article in the August 2017 issue on transactions you may be considering and should be communicating with your accountant. Below is an excerpt from the article. “Whether your tax filings are completed in the Spring or you typically extend, it’s important to keep an open line of communication with your accountant, as well as your other advisors, throughout the year. Often times, we see folks navigate through the legalities of a specific transaction but fail to take into the consideration the tax consequences of those transactions, which could end up costing thousands if not hundreds of thousands of dollars. The following are a few examples of transactions to discuss with your accountant before proceeding: What Entity Type is Right for You? When considering what entity type is right for you, it’s important to consider what the purpose of the entity will be. Are you using it to hold real estate? Are you planning to use it to transfer wealth during estate planning? Or, are you just looking for some liability protection in case something goes wrong on a job? There are many factors to consider and consulting your accountant in addition to an attorney is important to avoid unwanted tax consequences. How Can I Improve My Cash Flow? Should I Take Out a Loan? Are My Books Correct? Many times business owners are contemplating these types of questions, but don’t know where to turn for help. Business owners tend to be experts in their line of business but not always experts in the financial aspects. Financial statements, cash flows, human resources, and the like can be daunting for some. Having a review or audit performed could prove beneficial to ensure your financial statements are correct. Also, consulting with your advisors can be a great way to make better, more informed management decisions. Are You Thinking of Making a Gift? Are You Purchasing or Selling a Business? Do You Need an Estate Plan? Are You Planning on Renting Out a Room or Vacation Home? And the List Goes On…. Many items like these can have a significant impact on the amount of tax you pay come filing time and it’s important to have advisors you trust available when you need them. At Akin, Doherty, Klein, & Feuge, P.C. (ADKF) we pride ourselves on partnering with our clients not only at tax time for your compliance needs but throughout the year. Our partners remain an integral part of your experience with the firm and are available to discuss and review your personal and business needs as they arise.” Link to full article Valerie Brauner, CPA, CGMA, is a Tax Manager at Akin, Doherty, Klein, & Feuge, P.C., with over 15 years of experience in accounting. She is a graduate of the University of Nebraska-Lincoln and has lived in the Boerne area for the last 10 years. She is a member of the AICPA, TSCPA, and San Antonio CPA Society. She was also named Young CPA of the Year in 2013 by the San Antonio CPA Society.