Think about the classic song co-written by Eddie Cochran and released in 1958. It was covered by The Who, The Clash, Alan Jackson, Brian Setzer, Blue Cheer and several others.
The premise being, it’s summertime and a young man just wants to enjoy it. But work and obstacles keep blocking his path. Hence, creating his “summertime blues”. The second to last stanza famously goes:
Well, I’m a gonna raise a fuss, I’m gonna raise a holler
About workin’ all summer just to try an’ earn a dollar
Sometimes I wonder what I’m gonna do
‘Cause there ain’t no cure for the summertime blues
.(If you are not familiar with this song, or it’s been a while…take a listen to The Who cover it in 1977)
Besides this being a seasonal summer tune, there are seasonal influences on business. And when considering tax implications, there is a year round aspect that can impact your decisions.
For CPAs, tax strategists and specialty tax professionals, the ‘summertime blues’ feeling is real. Summer is a great time for a break, especially following the 3/15 and 4/15 tax deadlines. However, with tax extensions and all the IRS tax activities that continue through the summer. It’s like tax season is perpetual, and never let’s up.
Though specialty tax firms aren’t just “workin’ all summer just to try an’ earn a dollar”. We are focused exclusively on helping your cash flow. Thus, allowing you to invest in your business to help our economy.
Whether you are planning expansion or new investments, thinking through your overall business strategy, or actually drafting or preparing extended tax returns. There are tax implications (and even obstacles) regardless of the season or time of year.
Tax strategy should be a perpetual consideration in your business. As it will directly impact your cash flow.
If you plan to leverage any IRS tax deduction or tax credit strategies for 2023, address them now. Yes, in the heat of the summertime blues.
Do not wait until December or January when it could be too late to be strategic. Delaying action or planning now may actually have a huge cost, opportunity cost, to you.
Action now will help you avoid the ‘tax time blues’ later.