For most American individuals and C Corps, yesterday was Tax Day. For S Corps, it was a month ago. Yes, you could always file for an extension, which gives you more time to get your records and returns in order. Obviously, you need your trusted financial advisor team to handle the details, but as the leader, you should be aware of the tax ramifications of your business.
Much like the monthly review of your P&L and Balance Sheet reports, the leader needs an active understanding of the financial results of the organization’s actions and inactions. Ideally, you have additional metrics and data collection systems that can give you a much more live insight into what is taking place in your business. It doesn’t do any good to find out after the fact. By staying on top of the ebbs and flows of your organization’s financial picture, you can take proactive steps to mitigate the negative impacts or leverage the positive outcomes.
It all sounds very basic and obvious, but unfortunately, too many leaders are not as aware of how the finances are moving in their business. Additionally, the tax implications of financial gains or losses factor into the organization’s broader success.
In prior weekly insights, there have been references to building a solid, trusted advisor team. One of the players on the team is your financial lead person. Depending on the size of your business, you may have internal financial staff, including a controller. Even in the largest businesses, there is still a need for external financial guidance from a reputable CPA or accounting-type resource.
One key aspect of this financial resource on your advisory team is their active, ongoing communication with business leadership regarding the tax implications. As your business grows, expands, contracts, or simply stabilizes, these financial phases directly impact not only the headcount, physical space, inventory, and demand for equipment and other capabilities, but also tax implications. Once a calendar/fiscal year is wrapped up, it is difficult to look in the rear-view mirror and say we should have made this or that investment or financial transaction because it would have had a net positive result, not only on the growth of the business but also in managing the tax implications for the business.
This week, as we move into the 4th calendar month of the 2026 business year, take the time to have a conversation with your financial team lead about the business’s performance in the first 3 months of the year. What trends are forming, and how might they impact future investment decisions? This is part of the business’s ongoing tax-planning efforts. It is strategic in nature but executed tactically when the investments are made. There may be better timing for the purchase of certain items, but leadership needs to know those cycles so they can be planned into the business’s cash flow.
Having not only a solid, trusted financial advisor on your team, but also a “Promise Guide” as an accountability partner or even a chaos coordinator in an investment you just cannot afford not to invest in. Now is the time to call JKL Associates and speak with a Promise Guide about building your business to its best. Reach out to us at MI (313) 527-7945 or FL (407) 984-7246
Journey On!
COPYRIGHT – JKL ASSOCIATES 2026
QUESTIONS OR COMMENTS – EMAIL US AT PARTNERS@JKLASSOCIATES.COM OR CALL OUR OFFICES – MI AT (313) 527-7945 FL AT (407) 984-7246
Celebrating 30 years of Delivering on “Promises”
