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If your advisor is not writing this email to you in October, then get in touch with GP CPA. At our firm, planning for the future starts on day one so that this is the type of email we can send to you during the 4th quarter.
I am returning your voicemail for earlier this morning with an email, because we are otherwise going to play phone tag for the rest of the day.
Let me congratulate you on the good news in securing the large new contract! Having a substantial amount of revenue guaranteed by an existing client is certainly a good scenario. As to your question about timing and taxes, I have good news. When you agreed to increase your withholding taxes (through payroll) early in January, that payroll has run for nearly 10 months. The result is that you have a substantial amount of payroll taxes withheld, which will greatly reduce any additional taxes that you may owe on the new contract revenues. I understand that you may not collect the entire contract amount during the next 90 days, but do not worry about carrying it over to next year. We can continue your additional payroll withholding into next year for the duration of the contract to prevent any surprises next year and carry forward the plan we established earlier this year.
Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly. Thanks for keeping us in the loop and we look forward to a great year end with your business!
GP CPA offers a wide range of business advisory services that are tailored to the needs of business owners. For those small businesses who need someone to keep the books, we can do that.
GP CPA has relied on cloud-based accounting technology for many years now and devotes a significant amount of time toward testing and learning the latest and greatest systems out there.
As many area businesses know Charlotte Sales Tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling.
A CFP® is a Certified Financial Planner professional that focuses on taking a holistic approach to goals-based planning.
We have changed the name of our firm to GP CPA, P.C. effective March 2019. “Gary M Prusiensky, CPA, P.C.” and “GMP CPA” had a substantial overlap on Google search with another CPA firm in Texas and we needed to act before Google acted for us.