Are You a Business Owner Dreading Tax Season?

Whether you’re responsible for a handful of employees or dozens of workers, tax season can be a headache for business owners. But at Origin, bankers aren’t just friendly faces – they’re trusted advisors who take the time to learn how your business operates so they can focus on your specific needs when it comes to finances and business cycles. This allows us to serve as an invaluable contact for your CFO or accountant should the need arise, helping ensure you’re in the best financial position possible.

We asked Origin’s Chief Retail Banking Officer, Will Loftin, for his top tax season tips, helping you take some of the stress out of tax season.

Origin’s Top Tips for Tax Season

With decades of banking expertise in retail sales, service, and operations, Loftin is a certified business banking expert.

Despite his many responsibilities, he’s never too busy to help a business owner, offering proactive financial guidance to assist business owners in balancing their own busy schedules. Here are his top tips for tax season prep:

• Keep personal and business accounts separate. As Loftin reminds clients, mixing personal and business spending is ill-advised, yet some owners make business purchases with a personal credit card to take advantage of rewards programs. “We’ve got a solution,” says Loftin. “Origin can set you up with a separate spending card for your business that still allows you to get reward points.” This benefits and protects business owners personally as well as professionally.
• Go back to the basics. It’s important to periodically review the fundamentals of your business, such as how your company is organized. When you’re meeting with your CPA, make sure you’re choosing the right type of partnership. Operating as an S corporation, C corporation, LLC, or sole proprietorship can have a big impact on your business. Make sure to evaluate your profile and choose the designation that best reflects your business needs.
• Plan for the future. It’s crucial to have a clear vision for your company’s future through succession planning and investment strategies. When considering the life cycle of your company, determine your anticipated exit strategy. Is the business a shelter? A legacy for your kids? Or do you plan to sell it sometime down the road? Your future goals should determine the course you take.
• Consider how external factors impact your business. Loftin notes that, for example, certain business owners might be better off leasing big-ticket equipment instead of purchasing. Although every situation is different, Origin can help interpret the effect of different scenarios like these on your business.

In the past, the banker sat behind the desk. But at Origin, we strive to become a trusted source for our clients, going beyond the desk – and expectations – to serve as a helpful resource all year round.

For more information about all the ways Origin can serve your business as a trusted advisor, contact your banker today or visit us online.

Origin Bank does not provide tax, legal or accounting advice. This material is for informational purposes only. Please consult your tax, legal and accounting advisors for assistance.