Posted by Jackie Wolfe on Thursday, December 31st, 2009.
Happy New Year! Hello 2010! What a fun celebration time. However, for those of us who are business owners, the New Year rings in that the inevitable tax season is coming up. Ugh! Where do I begin?
I by no means am a CPA but I do ready the books and reports for our Liquis CPA. The end of the year is a good time to assess your financial status and future goals.
Run your reports and check them over with a fine tooth comb. Make any necessary adjustments in your portfolio to help maximize your tax savings this year. Check your expenses such as donations, new equipment purchases, upgrades, and if you conduct business out of your home don’t forget that a portion of your utilities and rent count as deductions. (And speaking of your home, here’s a quick tip about all the new tax credits for your household.)
As you gather all your receipts for the year and other paper trails start your new files for the coming year. This will help insure a smooth transition and keep the work flow going.
