Celebrate Labor Day with tax planning!
I know, seems crazy right? But now is the perfect time to start thinking about year end. The stores already know this- they have Halloween items out and within a few weeks they will have the rest of the holidays out in full bloom! They are planning ahead and successful businesses do too.
What steps can I take? Easy peasy, follow these steps:
- Give yourself a deadline
- Get in touch with your accountant- make an appointment to see them in September. Let them know you want advice on tax planning
- Make sure your books are clean and up to date. By ‘clean’ we mean you should be able to run a Profit & Loss and Balance Sheet and the numbers should reflect what is going on in your business.
- Make an educated guess on income and expenses for quarter 4. Use your current numbers, last year’s numbers, knowledge of any new deals coming in and new expenses you are expecting
- This will give you an estimate of what is going to happen in your last quarter. Add it to your sales and expenses so far to date.
Any questions on these steps? Call us, we love to help businesses succeed!