It’s getting to be that time again. Time to review your financial and tax related issues. Time to contact your tax preparer to discuss tax law changes that could impact your business positively or negatively.
Before you turn out the lights on 2010 and ring in 2011, have you done everything you need to do to reduce your tax liability? Are you ready to start the New Year with a clean slate? Certain steps and tactics will save you money and affect your finances, not only in the current tax year but also for years to come.
Here is a handy “To Do Before Year-End” list:
- Be sure your accounting is current.
- Count your inventory.
- Update your corporate minutes.
- Control expenses and income to speed up or slow down deductions and/or income.
- Decide whether to distribute or retain earnings this year.
- Consider making last-minute equipment purchases to exercise expensing/depreciation bonuses.
- Set up your retirement plan — or make contributions to your existing plan.
- Reassess your health insurance coverage to deal with probable increased premiums next year.
- Decide whether to pay bonuses.
- Evaluate whether to change your business entity next year.
- Make charitable contributions.
Click here to see the entire article on Year-End Planning from Wells Fargo.
Or contact us at The Bookkeeping Company for more information and assistance on how to end the year to your best advantage.