Here are a few ideas, advice and tax tips that should help with the year end close and the starting the beginning of 2012.
Although, I am a CPA and taxes are my forte, I truly believe in taking the business in as a whole picture. From my own experience there are 100 ideas to help you run your business. I hope that I can share a few that will help you jump start your future.
Happy New Year!
- The educator’s exclusion of $250 is finished by December 31st 2011. No extensions are in place for this one!
- I just recently heard a colleague say in reference to a QuickBooks file as a “Quick Mess”. That’s what you get when you setup QuickBooks wrong.
- No matter what software you use make sure you understand how it works. Bad input is always bad output and never a good planning tool!
- Get organized! That’s my best advice for good tax planning, good business planning and for your overall success.
- Taxes…. If you are a high W2 wage earner you need to max out your company 401k. This is the first step to reducing your taxes!
- Read E myth. Best book I have read on our split personalities as business owners! You will relate I promise!
- So many tools are available to be used these days… With technology and an app for everything there is bound to be one or two that will make your life easier! Find a few financial Apps this year that will help with your finances!
- Find a business coach that will keep you on track with your goals and aspirations. Next be teachable and willing or it’s no fun for either of you!
- Tax deduction vs. good idea? Make sure the business decision is both financially a good tax deduction and wise business decision.
- Treat your business like a business not a piggy bank! Set budgets and goals you can stick to and you will measurable financial success!
- Make a new year’s resolution to get your paperwork done sooner! This will equal less stress for you and your family!
- Only $25 is allowable for deduction on client gifts!
- Only 50% of meals and entertainment are deductible. Report 100% to your tax preparer. Our software does the rest.
- If you are on QuickBooks, reconcile all your accounts! This is the only way to insure that you got all your business income and expenses booked!
- Make sure your calendar clearly states what you did this year. It will be used to substantiate your business receipts!
- Start tallying up your mileage log now! It’s one of those last minute things that slow down the whole process in your tax preparation.
- Count inventory on Dec 31! Keep your list handy for tax preparer and IRS should you be audited!