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5 End Of Year Tips For Small Business

5 End of Year Tips for Small Business

1. Reconcile For The Year

As we approach the end of the year, now is the time your bookkeeper should make sure your financial records are in order. Meaning, all transactions are reconciled for the year on a month to month basis. This task is important because the next step will be contacting your CPA and if the books are in disarray it takes that much more time and cost to get clean financials.

2. Talk It Out With Your CPA

Setup a meeting with your CPA and come prepared. Bring questions and be prepared to do additional work within your bookkeeping platform. The CPA will have questions for you to and the more prepared you are the easier this process will be. Thus, the importance to have your bookkeeping records in order before you make the appointment to meet with the CPA.

3. W-2’s & 1099’s

The deadline for W-2’s and 1099’s will be approaching. As tax season approaches, the IRS wants to remind the taxpayers about steps they can take now to ensure smooth processing of their 2018 tax returns. Visit Get Ready on IRS.gov.

4. Qualified Business Expenditures

Qualified business expenses relate to those items that you can deduct from your income tax to lower your tax burden at the end of the year. It’s vital that you find out about every qualified expense you’re entitled to so that you save receipts, count mileage and make the proper purchases as you set up your company.  Develop an effective filing system to track your business expenses and open separate checking and credit card accounts to avoid co-mingling of your business and personal expenses.

5. Make a Donation

‘Tis the season. Give wisely. Research a charity before giving. Look at progress reports of organizations you’ve given to in the past, make sure you see your favorite charity is meeting your criteria. It’s not important to diversify your giving like in the purchase of stock instead its more significant to give to a couple of charitable organizations and make those contributions count more. We like to give to our local non-profits and charities.

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