During this season of giving, what’s more important than knowing just how much you can give? And where to even begin? Arvada Lifestyle sat down with Mile High Tax & Accounting to uncover some financial tips that can help you stay savvy during this season of spending.
Mile High Tax & Accounting is rewriting the playbook on financial management. Focused on small business owners, this enterprising group does far more than just prepare tax returns. They engage with clients throughout the year, striving to empower businesses with financial knowledge and strategies that transcend mere compliance.
Jason Garcia, Managing Partner and Certified Planning Accountant (CPA) of Mile High Tax & Accounting provides valuable insights into their unique approach and offers some expert tips for optimizing your finances as a small business owner. The team of six professionals, led by Jason, has been serving Arvada’s small business community since 2016. While they also work with individuals, their primary focus is on small business owners. What sets them apart is their commitment to establishing year-round partnerships with their clients.
Jason emphasized, “We don’t just prepare tax returns and send you on your way. We partner with you throughout the year to stay involved and help you navigate the financial aspects of your business.” This ongoing involvement includes a thorough review of financials and strategizing based on the year’s performance. Rather than being a mere service provider, Mile High positions itself as a trusted advisor, guiding businesses to make informed financial decisions.
In addition to this, Mile High Tax & Accounting doesn’t just focus on individual and business financial success; they also contribute significantly to the community they call home. By being a trusted organization that small business owners can rely on, the team plays a vital role in strengthening the local community.
Through their year-round partnerships with these small businesses, Mile High Tax & Accounting not only helps individual enterprises thrive but also fosters a climate of financial understanding and growth within the community. “Small businesses are the backbone of any local economy, and Mile High’s dedication to their success translates into a more prosperous and vibrant Arvada and surrounding community,” Jason explained.
If you or someone you know is a small business owner, here are some tips to optimize your finances:
1. Know Your Entity Type
For small business owners, understanding the type of entity they’re using is essential. Whether it’s a sole proprietorship, partnership, LLC, or corporation, the entity structure can significantly impact taxes and liability. It is important to be knowledgeable on all of the entities in order to make an informed decision on what works best for your business model and understand the different ins and outs of each.
2. Understand Retirement Savings
Planning for retirement is crucial. It is important to be able to identify the best retirement savings options tailored to each business’s individual circumstances to ensure a secure financial future as well as help your employees reach their retirement goals.
3. Review Monthly Financials
Jason recommends taking a look at your financials on a month-to-month basis, as opposed to waiting until the end of the year to evaluate your situation. Regular financial updates can help businesses make timely decisions and course corrections along the way instead of rushing against the deadline when it’s time to file taxes. This can also help you to spot patterns in your business and analyze trends.
4. Document Everything
Keeping meticulous records and documentation is a cornerstone of financial success. Having a well-organized system simplifies tax preparation and audits as well as keeps your business flowing effortlessly. When you have organized financials, it is much easier to evaluate your business as well as look at areas for growth.
5. Have A Team of Advisors
Knowledge is power. It is important to seek advice from trusted advisors who specialize in different areas of your business to ensure you have support and knowledge in all areas. Having a good team behind you can help you to make better-informed decisions and ensure nothing falls through the cracks.
Remember, financial success is not a destination; it’s a journey. As a trusted advisor, Mile High Tax & Accounting empowers entrepreneurs to make informed decisions that benefit their businesses and the community as a whole. In an ever-evolving financial landscape, having a reliable partner to help sail the muddy waters of finance can make all the difference in your financial future.
Mile High Tax & Accounting is a Certified Public Accounting Firm that specializes in small business and individual income taxation and accounting, offering a personalized approach with accuracy and professionalism. Visit milehightax.net or call 303-657-1040.
“We don’t just prepare tax returns and send you on your way. We partner with you throughout the year to stay involved and help you navigate the financial aspects of your business.”
“Small businesses are the backbone of any local economy, and Mile High’s dedication to their success translates into a more prosperous and vibrant Arvada.”