Everything you need to know for year end is right here

It is near the end of 2015 and you are wondering what you need to know and do for your small business before December 31.  You’ve come to the right place.  Here is a quick and easy reference to all of the recent posts on important year end tasks.  These lists will help ensure your accounting is complete and tax deductions are maximized.

  • overview.  Before getting in to some area specific checklists, this post provides you with an overview of three small business must-dos.  It is a great place to start since it gives you a quick idea of what you need to think about for year end and to make the most of 2016 .  It also prepares you for the more detailed accounting and tax lists.  year end overview
  • important accounting tasks.  You have been tracking revenue and expenses throughout the year but haven’t had the chance to do a thorough review and analysis of your financial statements.  Now is the time.  This short guide discusses seven important tasks to make sure your balance sheet and income statement are accurate and complete.  While it was written to assist with preparing financials for a corporate income tax return, it is relevant to sole proprietorships as well so check it out. accounting guide
  • ways to maximize tax deductions.  Your business is profitable and you’re wondering if there is anything you can do right now to maximize your business income tax deductions.  This post discusses three simple ways. tax deductions

Finally, if your business operates as a sole proprietorship, now might be a good time to assess whether you should incorporate.  In general, the main legal reason for incorporating is limited liability and the main tax reason is deferral.  Check out this post for a more detailed discussion on the pros and cons of incorporating a business.  should I incorporate my small business?

 

 

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