Good day.
I don’t always know how to start these things because marketing has told me, “You can’t timestamp it, dude. You can’t say good morning or good afternoon or good evening.”
So, good day. Hope everything is going well.
I am here to talk about a very important date that just eclipsed. But nonetheless, we’re going to talk about it.
And that was Monday, January 29th. The date marks the opening of tax season.
What does that mean?
The opening of tax season: the IRS is now accepting 2023 filings for tax season. The SBS tax team has been through spring training. We are warmed up and we are ready to go. Brent, Michelle, Chloe, and myself are rocking and rolling to get through another season.
Now, I need someone to help validate this for me and just reply to this email if you can validate it, but I’ve heard that tax preparers, in general, have stopped accepting new clients and in some cases are shedding their existing clients for whatever reason.
That could be a scary situation for a business that doesn’t have a strong relationship with a CPA or is kind of uncertain or has that once-a-year conversation with their tax person and you’re just uncertain as to where this relationship is going.
But from my perspective, this is really an opportunity for us to celebrate because, I’ve said this a hundred times and I’m going to say it a hundred times again: what breweries do is complicated on the accounting side, on the tax side.
There are credits and deductions that result in meaningful dollars back in the owner’s pockets that I would say 85% of the tax returns that we review when a new client comes in are missing items. It’s not necessarily incorrect, but it’s just missing a giant credit. It’s missing a giant deduction.
There’s a reason we don’t serve chiropractors. There’s a reason we don’t serve dentists or real estate agents.
We just don’t know those industries.
And while our tax team is currently buried in the season, we do have some availability to help you with your 2023 tax filing because we understand how important it is to have someone who works in the craft beverage manufacturing industry day in and day out and can understand the credits and deductions.
I couldn’t tell you if there’s a pop-and-snap credit for a chiropractor. I couldn’t tell you if there’s a cavity credit for dentists. That’s actually kind of funny…cavity credit. There is no cavity credit, but it kind of rolled off my tongue there.
I can tell you there’s a specific credit for distillers. I can tell you that breweries and cideries have credits and deductions that are meaningful.
If you’re in a situation where you want to have a conversation about your tax position and what’s happening there, head to our website, fill out the contact us form, and we’re happy to have the conversation. We’re happy to slot you in and figure out how to help you with your taxes.
Hope you have a great day and I’ll talk to you soon.
Thanks.
-cf