Wrapping the year up in a neat bow (stuff to think about in Q4)
As we cruise into fall, it's time to start thinking about the end of the year. I know, I know, it's early, but if you start now, your holidays will be chill and tax season will be breezy.
Confession: I am a classic procrastinator. I literally just worked with my CPA to get my own taxes filed for 2023 after an extension, barely sliding under the wire for the S-Corp deadline.
This year, my books are up to date, but there have been year’s where they definitely were not until well into the following year (0/10 do not recommend for both stress and understanding your business). We also work with dozens of businesses and nonprofits and I know how much better it feels when you have all of your ducks in a row. Not to mention how much better your business functions when you have up to date information to make well-informed decisions. This month, we are giving you the run down of everything you should do or think about before that clock strikes midnight on December 31st.
Run a PnL for the year and look at your net profit. Have you planned appropriately for your estimated taxes? Make adjustments now to help ease the pain of a big tax bill.
Connect with a CPA. If you have one you love, great! If you don’t, now's the time to shop. We have a list of professionals we love on the website. Get in touch now and get on their client roster before they close their new client bookings when tax season heats up.
Gather the information you need from your 1099 contractors. If they have moved or have updated info, get a new W-9 for your records.
Have you opened a new bank or credit card this year? Maybe you got a new loan to expand the business? Is it all accounted for in your bookkeeping? Does your bookkeeper have what they need? Make sure there are no last minute surprises and get everything on the books!
If you have a bigger profit this year (we’re proud of you!), look at tools to hold onto a little more of your $$. Do you qualify for an HSA that you can put money into? Do you have a retirement account that you can fund more this year?
If your net profit is above $40K and you are still filing taxes as an LLC, it might be time to make the leap to filing taxes as an S-Corp. Talk with your CPA to see if that is the right move.
As the year closes out, if you are a wholesale/retail company, don’t forget to inventory your products on hand and get that figure to your bookkeeper or into your books.
These topics and more will be all over our social media over the next month. As you go through this checklist of things to consider and do, make sure you take time to enjoy this beautiful weather, admire the new fall colors and drink your favorite fall-themed beverage!
You’re gonna want to see this…
Have you seen linktr.ee/missoulabookkeeper ?
You’ll find a link to our meeting scheduler, a selection of links to monthly topic-specific resources and much more. Bookmark it so you always know where to find the latest information!
