Five Key Areas Every Business Owner Should Review Before Year End

November 1, 2016

year end tax planningWe’re well in to the fourth quarter of the year, which means year end is fast approaching. Here are five important areas of your business to review before the calendar turns to 2017.

  1. Tax planning opportunities. November and December are prime time for tax planning, which can pay big dividends when filing time arrives. Touch base with our firm now to reduce your business tax obligations as much as possible.

  2. Payroll. Make sure you have all information updated, employees are properly classified, and that you are in compliance with all payroll regulations. Plus, you’ll want to ensure that all employee information is securely stored.

  3. Cash flow. As you well know, cash flow is the lifeblood of your business, so if you’re having trouble controlling it, now is the time to analyze why and ask for assistance if needed.

  4. Estimated tax payments. If you've paid estimated taxes throughout the year, review your totals so that you have the information on-hand for tax season and you can make up any shortfall before the end of the year.

  5. Your overall progress. Take a step back and consider if you have met your annual projections for profitability and growth. If you’ve gotten off-track it’s time to make a plan to rectify the situation. If you’re satisfied with where you are, take time to lay out next year’s plan.

By reviewing these five areas now, you’ll be able to lower your taxes, reduce potential payroll-related penalties, and have a good handle on how to move your business forward in the coming year. If you need any help in the process, please contact our firm.

   

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