Santa’s Got a Year-End Checklist… Download it Here!
Santa has a gift that every small business owner needs… a magical checklist for your financial year-end!
I know you’re busy right now, and I’m all about the festivities of the season…so don’t think for a minute that I’m going to tell you to get going on this list before Christmas — ’cause I’m not (an idiot). But what I am suggesting is that you print out the checklist, and in the quiet days between Christmas and the New Year you get started on it.
One of the very hardest things about owning a small business is trying to juggle the myriad of things that need your attention. Right? And I see over and over owners putting off the accounting and government stuff because it’s a big mystery. And where do you even start?
BOOM. Problem solved. Take this checklist and go forth — do the accounting and government things. You’ve got this. Because all the things you need to do to get tax ready and stay off the IRS’s naughty list are there. And if you have a question, hit me up.
Santa’s Small Business Year-End To-Do List
Financial Records
□ Gather all your receipts together. Enter into software, if needed, and file into folders or envelopes.
□ Round up statements for checking, savings, and credit card accounts.
□ Catch up on the reconciliations for all accounts.
□ Review customer accounts. Update if needed. Write off any bad debt. It’s also a great idea to send thank-yous for their business and support in 2017. They will appreciate it and remember you when it’s time to buy again.
□ Review vendor accounts. Update if needed. Pay off what you can. If any are overdue, contact the vendor to make payment arrangements.
Tax Forms & Tax Changes
□ If you have employees, you’ll need to prepare the annual W-2’s, W-3, 940, and 4th quarter 941, as well as your state reports, most likely Employment Security and Labor & Industries. Prepare the forms and set up payments for any that require it. Federal forms are all due January 31st, 2018. Check your due dates for state and local forms.
□ If you paid any contract labor more than $600 in the calendar year, you must issue a 1099 to the person or company, and send copies of the 1099’s and the 1096 summary to the IRS. For more info on who gets a1099 (and avoid a huge fine for not sending them), e-mail or message us. Or click herefor an article on it.
□ File and pay any sales or B&O tax that you owe
□ Check for rate changes for sales tax and employee taxes (notices usually arrive in the mail in December)
Financial Reports
□ Run the Profit & Loss statement. Review this report and analyze how to increase sales and review expenses to determine where savings can be made
□ Run the Balance Sheet. The balance sheet shows what you own and what you owe (assets and liabilities). Review and correct as needed.
Appointment
□ Make an appointment with your CPA or accountant. (or get your Turbo Tax revved up)
Calendar These and More:
□ Enter renewal dates for your business licenses, insurance, and permits on your calendar.
□ Update physical and e-mail addresses with automatic payments.
And hey! If you have any questions or need one-on-one help, hit me up via DM or email: julie@julie-porter.com