The holidays are coming, which is a busy time for all of us. It is hard enough to find time for all the holiday preparations and events, but it is crucial for small business owners to set aside a few minutes a day, over the next month, to get year-end business in order.
Of course, we have until April 15th to get our taxes ready, but there are items that need to be evaluated, before December 31st, to ensure that we can optimize our business bottom line. For example, if you are anticipating a large net profit, purchasing inventory or equipment before the year-end is a smart business decision.
As you contemplate the wrap-up of your current fiscal year, we recommend utilizing the checklists below, to ensure you are as prepared as possible once the new year begins.
This checklist, from H&R Block, lists the various financial records that you will need to start assembling, in preparation for tax season. (If you have not yet hired a bookkeeper or bookkeeping software, such as QuickBooks, we recommend doing so before the start of your next fiscal year. You will not regret the expense when it comes time to start organizing all those piles of receipts and invoices.) If you purchase your tax preparation software before year-end, you can usually get a significant discount. We recommend checking out our Tax Software recommendation in our Toolbox.
Entrepreneur magazine offers some smart tax strategies to help you optimize your business finances and taxes. As some of the items need to be carried-out before the fiscal year ends, we recommend reviewing the suggestions in the very near future.
If you are like me, you would prefer to just relax and enjoy the busy holidays. And certainly, none of likes to even think about the looming tax-filing deadline. However, if you take some time to plan and organize now, it will save you time and headache down the road…and if you plan wisely, you will also save money on business taxes. And that will be worth the extra effort. 😀
Until next issue…Best wishes in your endeavors!
Note: This post may contain affiliate links. By clicking on them and purchasing products through my links, I receive a small commission.