As we live through another year with the COVID-19 pandemic, the deadline to pay your taxes was extended last month by the IRS to May 17th in an effort to take some economic pressure off Americans.
To make your life easier for this tax season’s extension, your local Weslaco CPAs at Gonzalez & Arrambide can ease the process of filing your taxes by the deadline. Today, we will break down what’s expected for this payment extension, and how we can help.
What to Expect from the Tax Extension
This extension goes for all filers, including individuals, businesses, trusts, estates and more. It applies regardless of how much you may owe, and payments will not include extra penalties or interest up until the extended date. This extension is automatic, so taxpayers don’t have to file any more forms to take advantage of it.
The extension could offer great benefits for taxpayers seeking to save for retirement through an IRA. That’s due to the typical April 15 income tax deadline that also happens to be the IRA contribution deadline. With this, the updated May 17 due date would set back the 2019 IRA contribution deadline.
The 2020 standard IRA contribution limit exceeds $6,000, or $7,000 if you are 50 or older. If you’ve already used your contribution for the 2020 tax year, you can put it towards the 2021 tax year, where the limit is also $6,000.
Note that this extension does not apply to 401(k) retirement savings accounts.
The federal government recommends that taxpayers file their taxes as soon as possible, especially those who are awaiting a tax refund. Earlier this year, U.S. Treasury Secretary Steve Mnuchin mentioned that he wanted people to be able to access their refunds as soon as possible. This flow of cash would lift some of the financial weight of the pandemic.
Gonzalez & Arrambide Can Help You This Tax Season
While you might be able to file your taxes by yourself without any assistance, you’ll never be aware of how much money you’re leaving on the table. An accountant will have the knowledge and expertise to make sure you’re not overpaying, and that you’re making accurate claims to all the deductions you deserve.
Handling taxes on top of the stress of the ongoing pandemic can feel overwhelming and difficult to navigate through. The most minor mistake in this financial circumstance can leave an impact on both you and your business. If doing taxes alone feels like too much pressure, our skilled CPAs can show you the process, step by step.
We can sort out the process of filing taxes and simplify the intricate process for a reasonable rate. You don’t have to file your taxes by yourself. Be proactive and consult with Gonzalez & Arrambide!
To learn more about how this tax extension affects you or your business, or for help filing your taxes, speak with our certified public accountants by scheduling a consultation with us today.
Tracking your organization’s sales pipeline metrics is important, but understanding how to optimize them is just as crucial to building more leads and continuing to move prospects through the sales funnel, which results in closing deals.
Monitoring these metrics lets you evaluate your team’s performance, and lends insight into specifics within the organization that need to be adjusted and optimized to ensure a healthy sales pipeline.
Tracking Qualified Leads
Good leads equate to closed deals. Evaluate your inbound and outbound leads to assess pool size and ensure your sales team has enough to prospect and close necessary deals to grow your business.
If your assessment results in a small number of qualified leads, this will require your immediate attention. Solutions may include investing in increased marketing strategies to bring in more leads, instructing your team on ways to maintain an updated contacts list, and using prospecting tools to receive real-time alerts that identify prospects’ role changes.
Services exist that analyze criteria, including location and engagement, that may shorten your list to laser focus on more promising prospects. Analyzing the quality of your leads will ensure time and energy are exerted into more fruitful efforts.
Conversion Rate of MQL to SQL
Are you able to identify how many of your marketing qualified leads become sales qualified leads? Increased drop-offs indicate sales and marketing teams may be working from different playbooks.
This signals an important measure to correct course by strategizing ways for sales and marketing teams to become better aligned. A simple solution may entail cross-department meetings involving both teams. Working in tandem to identify strategies and goals as a single entity can make it easier for teams to quickly become familiar with a shared goal.
Your Organization’s Win Rate
Simply stated, a win rate is a measure of the number of qualified leads that turn into customers. Measuring changes can be done by tracking this number over periods of time, such as from one quarter to another.
If you notice a drop in win rate, redirect focus to improve training, streamline sales processes, and use more reliable sales enablement tools. If in your evaluation you observe closing at a high rate, but total sales not aligning to where you anticipated they could be, consider looking at creating marketing solutions.
If you’re able to determine a marketing problem, rather than a sales problem, it could be time to consider a more tailored marketing approach to help bring in more leads.
Evaluating the Sales Cycle
A sales cycle identifies how long it takes a team to close a deal. Knowing the length of a sales cycle helps find ways to address deals that have become stagnant within your organization’s pipeline.
Focus on these deals that aren’t moving and try to assess what went wrong, and how to find solutions for having them progress quicker down the pipeline. Slow sales cycles may benefit from an automated process to follow up with your lead. A stagnant prospect may have resulted from something as simple as a missed opportunity to reach out.
Gonzalez & Arrambide Offers Sound Financial Insight For a Healthy Financial Outlook
Our team of trusted financial experts offers a range of services to help you move forward with confidence toward business and personal success. Contact us today for a free consultation and to learn more about how our experience and trusted full-service accounting firm can help you with sales performance and improved financial wins.