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Christmas and A Prosperous New Year 2016 to all our Current and Prospective
Clients. We want our Clients and Fans to know that we appreciate them and continually look forward to a great working relationship. The Year is almost coming to an end and It's a Busy Season for
everyone. As you make your Holiday Plans, Remember to close your Books and
Accounting Records for the Year 2015.
We have listed some Tips to help you close the
year properly, so that you can make great plans for the upcoming year:
- Evaluate Your Accounting System: This is the time to start searching for a good
Accounting System for the Year 2016. If you are the technology savvy
person, who prefers High-tech financial management tools like Digital
Vaults, Smartphone Apps, QuickBooks or Peach Tree, you will need to
evaluate your system to confirm if it has worked for you. If you are the
Old School of thought that prefers the Shoe Box, Envelopes and Spreadsheet
System, you also need to evaluate this to see how it has improved your
Accounting System. If you cannot truly attest to the effectiveness of the
Accounting System that you are using presently, This is the best time to
consider switching to a more effective Accounting System.
- Review Your Sub Contractor Data: Every Organization needs to confirm if they have
paid anyone for services more than $600 during any given year; If you
have, You are required to send a Form 1099 to the recipient by January
31st of every year. You have to ensure that the Subcontractor
completed the information on the Form W-9 issued, at the inception of
the Contract. Your Bookkeeper needs to update the 1099 Detail Reports
and reconcile the amount paid during the year with the amount in the
- Reconcile your Expense Account Data: This is the best time to ensure that you look at your
expense data and accept all reimbursement checks prior to December 31st.
This will ensure that your Company will receive Tax Deductions for all the
Business Expenses being claimed. You also need to ensure that you have all
your Receipts Handy and properly filed.
- Evaluate your Financial Standing: This is the best time to review your Profit & Loss
Statements, Balance Sheets and general Ledger to ensure Accuracy and to
make sure that all transactions have been recorded, so that you can get
your Tax Deductions. Examples of Transactions to watch out for are as
1) Ensure that the Bank and Credit Card Accounts
have been reconciled.
that the Loan Interest has been separated from the Principal Amount and is
accurately entered into your Books.
3) Check for
the Accuracy of Accounts Receivable and Accounts Payable.
4) Write Off
Bad Debts for Customers who are Noncollectable.
- Make a Charitable Giving Budget Calendar: Charitable Gifts are some of the easiest
Expenses to overlook, when it comes to itemizing Deductions. During
the Year End, Gifts and Donations to Thrift Stores are
easily forgotten. You can use this Holiday Season to make your Donations
to your Chosen Organizations, so that you are sure of claiming them for
the Upcoming Tax Season.
- Review Your Personal Expenses: If your Business entity is a Sole Proprietorship or
Partnership, then it's time to ensure that your Personal Expense is not
co-mingled with your Business Expenses. You will have to get your Receipts
and Cancelled Checks and record these expenses to your Company's Books.
Many Tax Payers have ended up paying extra taxes needlessly because
they overlooked Business Expenses paid from Personal Funds.
- Re-evaluate your Retirement Plan: This is the time to find out if you are putting away
enough money for your Retirement. Maxing out a SEP Plan or taking
advantage of an Employer match can be your best option. The IRS limits on
Tax deductible IRA Contributions can change just as the
benefits an Employer provides changes. You have to find out if you are
putting away enough to offset your Tax Burden.
- Prepare an Income Projection: Most Organizations prepare income projections to gauge
their income and expenses during the mid-year and year end; It's actually
advisable to take stock every Quarter, Half Year and Year End. The
Projection looks at your Cash Flow, Estimated Taxes for the Self -
Employed, Stock Options, Bonuses and other things impacting your Income.
This is necessary especially if your Profit increased substantially during
the year, your Bookkeeper/Accountant will help you prepare and
analyze your Books to see where you need to reduce your taxable
income by implementing some last minute strategies.
- Take your Bookkeeper to Lunch: Everyone
knows that all Bookkeepers and Accountants are always busy starting from
the Month of January through April of every year; We all have these Last -
minute Questions, which we all need answers to at the last minute. Now is
the Time to get them answered. Try to set up an appointment with your
Bookkeeper/ Accountant, to find out what you can do better next
year to help reduce your Tax Burdens. If putting together your
information was challenging for your Bookkeeper/Accountant, Try to make
the meeting over a meal or another token of appreciation. Otherwise if you
have a less- than - ideal experience with your current
Bookkeeper/Accountant, This is an ideal time to shop around for one that
is a better fit.
Another Tax Season is about to start; Filing
your Taxes will probably never be fun, but being proactive when you are not
under a Deadline can help ease some of the burden and save you time and
frustration when April Comes around. If you need help with getting your Books
ready for Taxes, We are available to help you. Please Free to give us a Call on
202.422.4586. You will be glad you did.