Is Your Business Ready For The End Of The Year?

The end of the year is upon us, can you feel it? Who would have thought in January of this year that 2020 would turn out as it did? But before you bid farewell to the strangest year most of us can remember, there are some important business details you need to address. If you raise your hands in defeat and try to slide into next year without proper preparation, you risk putting yourself behind when it comes to your 2020 taxes.

One thing we have to remind our clients of from time to time is the importance of maintaining organized and up-to-date records. The best method of doing this is to keep on top of it throughout the year, but if this responsibility slipped your mind during the last 9 months you can start today. 

Begin by reviewing your paperwork to ensure that you have up-to-date W-4 and W-9 forms from all of your employees and/ or contractors. A W-4 form is required from each of your part-time and full-time employees. This form ensures that payroll taxes are deducted from the employee's paycheck. On the other hand, a W-9 form is required from independent contractors to whom you have paid more than $600 in the last year. In addition to having these forms filled out by your employees and independent contractors, it’s important to make sure that the forms are filled out completely and correctly. Before you throw in your hat for the year, make sure your employee paperwork is up-to-date.

In addition to these forms, your team should do a general review of your books to ensure the rest of your financial paperwork is ready so that your taxes can be filed easily and correctly in 2021. We have seen many small businesses struggle to maintain their books due to a lack of time, resources, and experiences. That’s why we offer bookkeeping services. Improper financial records can be a significant issue for businesses of all sizes, and the last thing you need is to find yourself in hot water with the IRS. If you would like more information about these services, visit our website or call our office directly.

And finally, ‘tis the season to be goal setting! You’ve made it through 2020, so now where do you want to go? Do you have dreams of expanding your business, building an online presence, hiring more people, or more? Take some time to write down your goals and make a plan to take calculated steps over the next year to get you there. 

At Fix-It Accounting, we’ve built our reputation on our ability to encourage and develop business leaders in addition to our excellent accounting and bookkeeping services. If you have questions about how we can help your business grow, send us a message. We are here to help. So here’s to a fantastic 2021 and all of your business dreams coming true.