6 Steps Businesses Should Take Before the End of 2018

Get your Bookkeeping up to date

It’s the end of the year and it’s time to get your books in order. Bookkeeping can be a hassle, but the key is to keep up with it every month. Making sure data entry, transactions, payroll, and return filings are in order and up to date is a must.  When it becomes too much, hire the help you need because this is the first step to preparing for tax time.

 

New tax laws and deductions

Educate yourself (or ask us!) about the new tax laws and take advantage of the deductions you may qualify for. Last year, Trump signed tax reform, the “Act,” into law. The most important revision is the Tax Cut and Job Act, section 199A, the deduction for qualified business income.

Call any of our experienced Certified Public Accountants and they will ensure that you are getting the most out of all offered deductions.

 

Purchase supplies your business may need

In order to maximize deductions, you want to make any purchases or upgrades you need, now. Make a list of any office supplies, equipment and possibly advance vendor payments you can afford and get them out of the way now, so you can save during tax time.

 

Look over and contribute to your retirement plan

Contributions to a 401K plan done before December 31, could reduce what you owe, especially as a small business owner. Come in and talk to one of our accountants to make sure you are choosing the right plan that makes sense for you personally and your business.

 

Contribute to a charity

It is always good to give back, but it may also be a smart business move when it comes to tax season. You receive deductions for your charitable contributions and it doesn’t have to be just money – donate toys, clothes and other materials and still receive these deductions.

 

Prepare for the next tax season

Don’t let your bookkeeping and other tax steps fall through the cracks. Get a head start and start preparing for the next tax season even though it may feel like forever away. Go through ways you could’ve made this year’s tax season simpler and start taking those steps for a better, more successful year.