Planning is Paramount

In life, there are some things you can always count on. One of them is taxes.

Being taxed is never fun, but as the professionals say, the better you plan, the better prepared you will be when tax season rolls around.

“No one likes surprises on April 15,” Kacey Halley, a partner with Eide Bailly in Fargo, North Dakota, told Prairie Business. She said a tax advisor could help lessen surprises. “You should also plan to have your information to your tax advisor as early as possible. Like many other businesses, accounting firms are finding themselves having a shortage of help. The volume of federal and state tax law changes and complexities added to an already complex profession has drastically increased the amount of time needed to prepare returns.”

Halley discusses more tax issues for individuals and businesses in the article about tax tips for a new year. On a related note, Steve Ruda, director of client relations at ICS Tax in Sioux Falls, South Dakota, said his business has done well over the past two years of the pandemic as it helps people and businesses plan their taxes and save money. And, he said, even though a number of other businesses have been impacted adversely by the pandemic over the past two years, the Midwest likely hasn’t been as hard-hit as other points East and West.

“Thankfully, we’re in the Midwest,” Ruda said. “What I’ve seen in my paths is that the Midwest kind of has a nice little buffer. … Generally we don’t have the high peaks, and we don’t have the low peaks. Like with the recession in 2008, we weren’t as bad off as either coast, and I see that right now with the pandemic as well.

“I think we’re a little more sheltered, and I think there’s a lot of companies that if they could get the supplies and the workforce they need, these would be banner years for them. But there’s still a few that are having a great year. There are still a lot of companies having great years, but they would be absolutely doing amazing things if they could shore up the workforce, potentially, and the supply chain issues.”

Ruda’s perspective perhaps gives new meaning to the importance of a company’s location. While still faced with challenges, the region overall is a great place to do business. Stories in this issue highlight that, from architecture and design projects to the ways in which businesses are functioning during the pandemic.

It’s only February, the second month of the new year. Hopefully the climate of things, economically and otherwise, will improve. Until then, keep planning – and remember, tax season is just around the corner.

Good luck!

Andrew Weeks

I look forward to hearing from you at aweeks@prairiebusinessmagazine.com or 701-780-1276.

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ANDREW WEEKS

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