End of the year that is. Are you ready for it? Is your business ready for it?
- Get your books in order. Do NOT wait until December 31st to hand it all to your bookkeeper in a shoebox (or banker box, wheelbarrow, etc!). Start now gathering receipts. Even if they trickle in, it’s infinitely better thank a last-minute information dump. This way questions can be answered, missing documentation can be found, and last-minute write-offs can be taken within the current tax year.
- Get some assistance with future planning. Have you set goals for next year? Do you have a plan for growing your company, or improving services to your clients and customers? Have you thought beyond the current year to two, three, five, or even ten years into the future? Now would be a great time to do so!
- Review your tax liability for the year, and plan the cash reserves now to pay those. This includes any corporate tax, income tax, payroll taxes, and sales tax due to the state. If you are a corporation, plan too for the dividend payments you will need to make.
- Look at your personal finances. If you are a sole proprietor, this is especially crucial. You will need all your receipts so you can take the maximum allowed itemized deductions. You will still have until April to make qualified investments, but if you know what your potential tax liability is now, that can greatly help in determining how much to invest!
Depending on what your needs are, contact a qualified bookkeeper, financial planner, or CPA. They all have specific niches to help you, and will be thrilled you’re thinking ahead now!
Here at Your Accounting Pros, we’d love to help you get ahead with your planning! We will get your books in order with a specific view to planning for the future. We use a Proactive ACE system that will easily help you set goals and meet them. Just give us a call, and we’ll help you through the details! You can also sign up for our monthly newsletter for timely accounting advice for small businesses. All tips, no fluff.