The New Year is fast approaching and it is so important to take some time to look back at what financial decisions we made over the past 12 months and to reflect on what went right and what mistakes we do not want to repeat. Here are my tips to end 2017 and to start the New Year off right:
#1) If you have employees, you will have until January 31, 2018 to get them their W-2's and 1099's. If we are taking care of your books and/or payroll, please get us updated information as soon as possible. It is pertinent that we do not miss the January deadline. For contract labor or "subs" you are not required to issue them a 1099 unless you paid them more than $600 in total for the year.
#2) Get your bookkeeping for 2017 up to date and completed. If you own a business and you have inventory, now is the time to get an accurate count. Make sure all your expenses and income are accounted for so that you do not miss out on crucial tax benefits of operating a business.
#3) Have any business losses? Losses happen and is all apart of the entrepreneurial game. Without some risk, would there be much appreciation for the reward? If your business didn't see much profit in 2017, it may provide you a tax break to help with cash flow. If your business had more expenses than income, tax refunds from previous years for that loss may be available. Check with my office if this is your situation.
#4) Pull together all those receipts. Now is the time, if you haven't already, to enter all those expenses and offset any income you may have to pay less taxes. Get with me and we will go through your expenses and losses and calculate your tax liability. Never assume that an expense is not business related unless you ask your accountant. Some people do and then loose out on legit tax benefits.
#5) Setup your tax-planningsession now. It is time to take a look back at what went right, what didn't work and what changes can be made now before we are hit with the New Year. It is much simpler to be Proactive rather than Reactive, especially when it comes to taxes. Take the time to make a plan and stay up on your books! It's your business, pay attention to its financial health.
And my final and most important step - Don't hesitate to pick up the phone and call me. It is easier to find a solution to a problem ahead of time than it is to unravel a mess that was not being attended to after time. After all, that is why I am here. Let me do what I am best at and you - Go build your business!!!