Now is the time to prepare for Year End
It's December and we are in the middle of the Holiday Season and for small business owners, it means that Now is the time to prepare for Year End.
Small Business Year-End Checklist
For business owners, it’s time to start year-end tasks. Not sure where to begin? Here is a list of some of the common year-end tasks.
Information Review: Clients, Vendors, Contractors, Current and Past Employees. Make sure to verify that the information in your system is correct and current.
Pay vendors and contractors in full by the year-end. Remember, for contractors a W-9 form may need to be submitted and each contractor may need a 1099-MISC form by January 31st. Need assistance determining if a contractor should submit a W-9?
Prepare business records for local, state and federal filings. Concerned about any compliance issues? Consult the professionals.
Review financial documents for what was done well – and what didn't do well. Small business assets, liabilities and equity may give an idea of how well a small business performed over the year. Take time to identify the business successes and the areas that need improvement. This may help determine the profitability of the business and help identify goals for 2017!
If a business pays quarterly estimated tax payments, know how much was paid throughout the year as it may help you determine what may need to be paid for the year-end. Need an extension? Consult your Accountant.
Employee bonus. If you do decide on an employee bonus make sure that the required taxes are withheld. Bonuses are just like an employee’s regular pay and subjected to the same taxes.
As with most year-end lists, this list doesn’t mention every task that needs to be accomplished, but it highlights of some important ones.
Do you need an adviser to help you with your accounting needs? Contact FL-Accounting & Advisers for a free consultation to talk about your specific situation. We are your Boutique Accounting Company and are here to help. Our staff is able to provide you services in English and Spanish. Our number is (561) 939-2553 or click the button to contact us via the website.