The end of the year is right around the corner, are you prepared? Some helpful tips to help ease the stress and enjoy more of the holiday season.
- Have your bookkeeping/accounting department prepare an Income Statement and Balance Sheet for you to review, around the end of November or first part of December.
- Have your bookkeeping/accounting department determine the estimated income and normal expenses expected prior to the end of the year. This can easily be done by figuring out what your average expenses are a month and taking a look at your Account Receivables. Most offices have a good handle on the pattern in which their clients pay in order to determine the income to be expected.
- With the help of your CPA, discuss and decide a plan of action that best suits your Income Taxes. Some business’s decide on a more aggressive approach to include additional expense items to decrease your taxable net income (ie: rent, staff bonuses, etc.)
- Now is also a good time to ensure your bookkeeping/accounting department has started the process of obtaining the necessary supplies and information to prepare your annual 1099’s. January 31st creeps up on us before you know it.
These are just a few simple tips that can help to ensure a smoother process to your year-end tax preparations. Please feel free to contact me directly if you should have any questions.
Ami Steward, Account Executive