Why estimate when you can calculate?

I regularly talk about tax planning as an important part of the services we provide to our clients but how do you plan for taxes in a roller coaster economy?

Dan is a small business owner. When we met in March his business was doing well and revenue was right on track with our projection. This week we met to discuss the second quarter and things are not as rosy. So what do you do? Grab a calculator and recompute. Sure that sounds simple but the reality is our clients have the option to recompute because we are available to them all year, not just at tax time.

If your CPA gave you estimated tax payment amounts back in February then you are on auto pilot, you are not getting close personal attention.