Are You Ready for Year End?
The end of the year is upon us and for small business owners it is an important time of the year. Review this list to see if you are ready.
Review Your P&L
Have all your invoices been posted? Are all your expenses recorded? How did your business fare this year?
Quarterly Tax Payments
Did you make quarterly tax payments? Make sure the checks cleared your bank. It’s a good idea to send in your payments by certified mail so you can have proof they were delivered.
Reconcile Bank and Credit Card Accounts
Make sure the bank and credit card statements agree with your accounting records.
Prepare a list of new asset purchases for the year. Your list should include date purchased, purchase price, and a good description. Also prepare a list of any assets you sold during the year with dates and amounts.
How long has it been since you counted your inventory?
You need to send 1099 forms to your contractors by January 31. Make sure you have their taxpayer numbers and addresses.
Talk to Your Accountant
Arrange a meeting with your tax preparer to confirm your deadlines and go over the year’s results. There may be things you can do before the end of the year to reduce your tax bill.
Finally, make a plan for next year.
If you need help with any of these steps and getting your business’s records in shape, Luxa Enterprises can help.