Client

A business owner on Long Island’s East End who was anxious about how much they might owe the IRS come tax day.

Challenges

As the end of the year approached, the client—like many business owners—became increasingly anxious about their potential tax bill. They weren’t sure whether they would owe a large sum to the IRS or if they were on track for a refund. The thought of waiting until tax day to find out how much they would owe was overwhelming, especially considering the potential for an unexpected tax burden.

How Basso & Guida Helped

1. Year-End Tax Projection

To calm the client’s concerns, we performed a detailed year-end tax projection. We reviewed both the business and personal finances, examining their books closely to determine how much or how little they might owe in taxes. This early assessment provided a clear picture of their tax liability, well before the filing deadline.

2. Proactive Planning

The tax projection allowed us to estimate what the client’s potential payment to the IRS would be. Armed with this information, the client had plenty of time to prepare financially and set aside funds, rather than scrambling at the last minute. If there were opportunities to adjust deductions or other factors to reduce the amount owed, we provided tailored advice to ensure the client could make the best financial decisions before the year closed.

3. Reducing Anxiety

By delivering this proactive tax projection service, we gave the client peace of mind. Instead of being in the dark about what they might owe, they had a solid estimate to work with. Knowing the potential outcome allowed them to breathe easier as tax season approached, without the looming fear of an unexpected bill.

4. Personalized Guidance

As part of the service, we offered personalized advice based on the client’s business structure and financial situation. Whether it was recommending tax-saving strategies or helping them make adjustments to reduce their liability for the next year, our proactive guidance set the client up for ongoing success.

Results

• Provided a detailed tax projection months before the tax deadline, giving the client clarity on how much they might owe or if they were due for a refund.
• Allowed the client ample time to gather funds if a tax payment was required, avoiding any last-minute panic.
• Helped reduce tax anxiety, giving the client peace of mind and control over their finances heading into tax season.
• Established a proactive approach to tax planning, ensuring smoother tax seasons in the future.

Client Testimonial

“Every year, I used to dread tax season because I never knew what kind of bill I’d be hit with. Basso & Guida completely changed that. With their tax projections, I had a clear picture months in advance, which took away all the stress. They helped me plan ahead and gave me the confidence to go into tax season without any surprises. I’ll never look back!”