by Blair Butters | Dec 3, 2019 | Uncategorized
December is known for its celebrations, reflections, and planning. If you’re a business owner, you’re likely setting revenue goals for next year, buying holiday gifts, and planning out any big purchases or investments. As you close out your books for the calendar year, below are some valuable (non-retirement plan) end-of-year tax tips to keep in mind. Review your reports with your accountant What can you do to make sure your business ends the calendar year with a healthy financial status? If you’re a DMA monthly or quarterly business client, start by reviewing your most recent financial statements. If you have questions, concerns, or corrections, please contact our office to discuss with your tax advisor. If you are a DMA business tax client but are not a monthly or quarterly business client, start by reviewing your profit/loss statements from your computer software or manual system. You can also complete your Tax Organizer which will remind you of previous year deductions. You will be receiving it in the mail in mid-December – contact us if you don’t receive it! If you’re not a DMA client, consider consulting with a tax planning expert. These professionals have experience with businesses of all sizes, across multiple industries. After reviewing your expenses, billing, and costs, they will offer advice and strategy planning based on your unique situation. No matter who you visit, make sure that you have your records accurate, complete, and as up to date as possible at the time of the meeting. It is difficult for a professional to provide good advice when the information provided is not up-to-date, complete, and accurate. Defer...
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