I meet with our accountant the first week of every December. I bring in our year-to-date financial statements, our end of year sales forecast, and other info he needs to help predict where we'll be financially, at the end of the year.
The reason I do this is to forecast our upcoming tax burden for next year. I remember years ago, when we had our first pretty profitable year in the business. We didn't have an accountant that I felt comfortable working with so I didn't meet with him during the year. Unfortunately that turned out to be a very bad decision, as we ended up owing quite a bit in taxes that year and it put a financial burden on us.
Don't let this happen to you! By meeting several times a year with our accountant, we can adjust our spending or make plans to invest in additional equipment in order to lower our tax burden. If you're having a good year, your accountant may suggest starting a retirement plan to save on taxes, or maybe buying that piece of equiment you've been wanting to pick up. Better to spend the money on your business, than give more than necessary to Uncle Sam -- or worse yet, not be able to pay your taxes!
So my advice is to pick up the phone and set up an appointment with your accountant. It's not too late to make a new strategy for saving money on taxes. If you wait until 2008 it will be too late!