Remember this summer when we blogged about how preparing your books in advance meant that you’d get to enjoy the holiday season? Well—now is really the time to make sure your books are prepared because the end of the year is just around the corner. If your books are in order before you hand them off to your CPA you’ll be able to focus on getting the best tax return possible rather than scrambling to get your materials in order. (And, the less time your CPA needs to spend sorting out your finances, the more money you save on tax preparation, too.)
The objective is: “What do we need to do now to make sure you’re set up for 2016 taxes?”
After you have tallied all your receipts, expenses, revenue and related materials you’ll be able to assess the next steps to take.
To avoid paying more tax than necessary, you may find that now is the right time to pay yourself more, or that it’s time to buy some new equipment for your business. These actions are time-sensitive and must be done during 2016 to count towards this year’s taxes.
The objective is: “What do we need to do now to make sure you’re set up for 2016 taxes?”
After you have tallied all your receipts, expenses, revenue and related materials you’ll be able to assess the next steps to take.
To avoid paying more tax than necessary, you may find that now is the right time to pay yourself more, or that it’s time to buy some new equipment for your business. These actions are time-sensitive and must be done during 2016 to count towards this year’s taxes.
PAYROLL
Does your company have employees? Payroll is a topic of major importance this time of year. It’s best to review all 2016 payroll now because in the end of January you are required to send W2s to your employees and to file Annual Payroll reports.
Did you get any notices from the IRS or state agencies such as the Department of Labor? If so it means you may have made a mistake on your payroll which could result in your business owing more money and possibly a penalty. Mill Creek Accounting Services can help you sort out these matters.
When you file your Annual Reports—which are due at the end of January—you’re locking 2016 in to stone. Careful consideration now will make a world of difference by increasing your tax savings and decreasing your stress level.
For a complimentary consultation about how Mill Creek Accounting Services can help your small business contact Robert at Mill Creek Accounting Services in Missoula. We offer affordable accounting for your small business that will save you time and money.
Contact Robert at: [email protected] Phone: 406-926-1057
Mill Creek Accounting Services, LLC was founded with the mission to provide a resource for accounting services to Missoula and its surrounding area organizations. Mill Creek Accounting Services have seen it over and over again, when institutions focus purely on their production and service needs, while they neglected their accounting systems. The results spoke for themselves: unreliable financial information, slow invoicing and payment collections, strained relationships, and crushing stress on owners and staff. There is a better way to do business!
Click here to learn more: www.millcreekaccounting.com. You can schedule a complimentary consultation for your small business in Missoula, MT.