Now that the tax season has passed, you may have thoughts such as ‘I wish I didn’t have to do that again’ or maybe you even said ‘Wow, how can I get that type of refund again!’.
These thoughts produce an opportunity to reflect on tax success strategies for the 2024 tax year. The tax success strategies aim to prevent penalties, increase chances for a refund, and reduce the stress and burden of accounting on top of the duties of running the AFC.
Greg Scholten from On Track Accounting, a specialist in accounting for profit and non-profit AFC homes, and speaker at the upcoming Scaling Up Conference, share 3 steps for 2024 tax success at your residential assisted living home:
Keep good books
Analyze financials monthly
Conduct quarterly tax planning reviews
By following these 3 simple steps of tax success, you set your assisted living facility up for the most financial success. These tips also create the habits to grow or to sell your AFC licensed home business someday.
If you run a non-profit AFC home, these tax success steps confirm you have enough money to continue the vision and purpose of the organization.
These 3 steps empower you and prevent tax surprises at the end of the year. They also set you up for less anxiety, less hassle, and fewer tax consequences at the end of the year.
Come join Greg from On Track Accounting at Scaling Up on May 14. Learn details of these strategies to set your adult foster care community up for tax success.
Not only will you learn tax success strategies, learn from adult foster care system specialist, Care Provider Solutions and other experts to get:
P.S. Many AFC operators have expressed interest in bringing a coworker with them to Scaling Up Conference which provides mentoring for adult foster care providers. Now through 4/26 receive one ticket at 50% off with the purchase of another. We look forward to seeing you there!
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