Are You a Business Owner Dreading Tax Season?
Tax season can be extra stressful for business owners. Your Origin banker is here to help.
At Origin, we learn how your business operates and focus on your specific needs when it comes to finances and business cycles. We can serve as an invaluable consultant for your CFO or accountant and help ensure you’re in the best financial position possible.
Origin’s Chief Small Business and Consumer Lending Officer, Will Loftin, says that after recent tax code changes, for example, certain business owners might be better off leasing big-ticket equipment instead of purchasing. Origin can help interpret the effect of different scenarios like these on your business.
Loftin says Origin also provides solutions that benefit business owners personally, as well as professionally. For instance, mixing personal and business spending is ill-advised. Yet some owners make business purchases with their personal credit card to take advantage of reward 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.”
Origin is also there for more fundamental issues like how your company is organized. Treasury Management Officer Sean Farmer provides insight on important topics to bring up with your CPA, such as choosing the right type of partnership.
Farmer says, “Whether your business operates as an S corporation, C corporation, an LLC, or sole proprietorship can have varying implications. This is an important discussion to have when considering tax situations.”
In addition, Origin can assist you in focusing on the future with succession planning and investment strategies.
“We always ask owners about the life cycle of the company,” Farmer says. “How do you anticipate making an exit? Is the business a shelter? Do you save it for the kids? Do you reach a threshold and sell down the road? If you do sell, what happens to the proceeds? It’s all about your future goal ‒ that determines the course of strategy,” he says.
“Traditionally, the banker sat behind the desk. Now with the sophistication of CFOs and accountants, we strive to become a trusted source for our clients,” says Farmer. “It is the job of the banker to go beyond the expectation to be a helpful resource leading up to and during tax season.”
For more information about all the different ways Origin can be a trusted advisor for your business, contact your banker today, or visit us online.